I'm voting paralysis, but it depends on what sleep's benefits are.
If sleep = guaranteed crit on wakeup hit, then that can be great. If you have complete targeting control on enemies so you can avoid early wakeup and max your crit, it gets even better. If the duration isn't random (or at least has a guaranteed minimum >1) that's super good.
If paralysis = full inaction, that's > than sleep, because you can beat on the enemies without any attacks back. However, if it's "occasional" paralysis then it's just OK. If it's also just non-physical attacks (such that spells still work) then again, just OK.
Really comes down to targeting ability, duration / break state / bonuses and if paralysis is just the physical actions (where silence is for spells).