I'm pretty sure Sauron and the Silmarils are more dangerous than the Misty Mountains.
Between Sauron and the Silmarils, though, I'd go with Sauron. The Silmarils will only harm you if you're evil, at least if I remember correctly. Sauron, on the other hand, tends to be just as dangerous an ally as he is an enemy.
I think Sauron is the clear choice here.
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