pf theory question

[mosta]

which of the two following is better play, or more theoretically correct?:

1. never fold pf on the button b/c of position.

2. never fold pf in BB b/c you're getting 3:1 or, really, 4:1 (impliedly).

the issue I'm curious about is not whether "never" is right or not, but rather which situation is better--button, or 4:1? I've seen it come up as a side discussion in threads where someone says eg "you're folding too much in BB, I play everything or almost everything there" and then other places the same said about the button. But I haven't seen those two points reconciled or compared to say which is the better place for more hands (or conclude that you should play everything in both).