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Should I learn OCaml or SML?

Caml has only one implementation. Learn that one and you can say you know it.

O'Caml has more ways to create the classic Hello, World program.

Standard ML or SML is more stable. That matters to the people paying you to write programs.

Caml has more polymorphic variants.

They have very different libraries, regardless of the number of variants. The SML library covers nearly every function you could need.

SML can handle floating point or integer data but not both at the same time. Caml doesn't have that problem when solving math problems.

That's one reason why OCaml or Objective Caml is considered the more practical language.

SML has two variants that can handle parallel implementations; Caml can't.

The standard version of SML lacks higher order functors.

So learn a non-standard version.

Given how few SML jobs there are, do you really want to paint yourself into an even smaller corner?

What are the advantages of OCaml?

OCaml won't fail to tell you when an equality operation won't work. And you don't have to have the same type of variable, such as integers, to make the comparison.

O'Caml generates a lot of error messages and exceptions.

SML returns "none" when it runs into problems, which gives you no insight into the root cause.

O'Caml doesn't have exception declarations. You have to use the let module or global declarations.

OCaml has a decent support community.

SML lets programmers control the precedence of infix operators. Caml lets you define your own.

SML overloads its arithmetic operators in a seemingly random way. This can cause all types of defaults.

There is a dot net version of SML.

That's used even less often than SML.

You're really sold on OCaml.

Oh, boy, am I. SML is too much like SNL when it comes to programming.