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Take the cash. I've been burned in the past holding onto options/stock that turned out to be worthless. Having options is only worth value if there is a successful exit which are rare. I was involved in an exit, that was pretty good for the founders (7 digit purchase price), but worthless for just about every employee. I think I walked away with $600.

The valuation of each company should also be figured into equation. It really only matters when there is an exit, but it would effect your payout. Have the founders/owners had a successful exit before? Are they going to raise capital, thus diluting your ownership in the future? Given these questions and my past experience, I'd take the job that is more interesting to you. If both are equal, then take the higher salary.