Hands down, Sequel is the superior library. Arbitrary many-through-many-through-many-... relationships, totally customizable callbacks for association building/caching, trivially easy master/slave and multi-master sharding, infinitely chainable and extensible subsets, powerful grouping and joining support... the list goes on and on. Plus it's bloody fast. let's put it this way: it is almost never necessary to drop to raw SQL with Sequel. The only cases in which I've done so have been implemented as Sequel features or plugins within three months. In ActiveRecord, we have to drop to SQL all the time.
Plus, the code is clean. Extremely modular, readily extensible; anyone who's poked around in the AR source can tell you what a nightmare it is to figure out what's going on.
Also, Jeremy Evans (the author), and the rest of the community around it, are awesome--check out #sequel on Freenode sometime.