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I'm not crazy about either one, but I'd pick Madeline. It does sound a bit more current, or at least it's more popular lately than Margaret.
Pros:
Madeline is more youthful-sounding. Several well-known variant spellings if you want one. Maddie for a nn.
Cons: Maddies are a dime a dozen. The spelling variations mean you and Madeline will have to always spell out the name. Not many nn options besides Maddie.

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Margaret:
pros: Really only one spelling; lots of nn options. not very popular right now, at least not compared with Madeline.
cons: not currently stylish; a lot of the nn options are more dated than Margaret itself is; the name has a harsh, teeth-grinding sound.

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Steve Martin