I used both, my roll bars are mostly 1/2" schedule 40 pipe (sold as handrail without the black coating), the frame is 1 1/4"x 1 1/4 x 3/16 thick square.
before you get into this too deep, is this a street type cart or offroad?
mines offroad designed for getting rolled, thick and heavy, lots of triangulation, and lots of pipe. the 1/2" pip has 3/4"ish ID and 1 1/8"ish OD. my main roll bar is 1 1/4" ID pipe actual is like 1 5/8" ID, and is almost 2" OD! my cart is about the size of those new Smart Cars, so it scales well.
I would dare say only a seriously powered street cart would need tube that thick and size.
no matter what your building, I would recommend a hybrid of the two, make the center areas (where things get mounted) square, and use round to make it pretty, square is easier to work with for the frame, but round looks better, but a hybrid would give you alot less joint grinding/cutting plus you could have a nice square (straight) frame. I vote errr... both?
examples from my build, first on is with the old front end but you can easily see the square center, and the second is the new front end, still see square center, not shown is my new rear suspension, but thats ok.