I've never really been a fan of hog panels or cattle panels for horses. There are too many chances for horses to get caught in them. Of the two choices, I would go with cattle panels. Field fencing is a pretty good option and well strung wire is another one. We have five or six strands on one side and wooing with some electric it works quite well. My favorite is wood fencing and this can be done relatively inexpensively. It will also last quite a long time and will look nice.