Sinister, although I do love Insidious as well. Honestly, they are both among my favourite horror films, and I think they're two of the best mainstream horror films released in the past few years.
Had to pick Insidious because I couldn't talk for half an hour after I left the cinema seeing that. What possessed me to go see the second one I don't know but I'm glad I did because it made the first one far less scary
The film itself was pretty awful but those videos in it... Everything about them made me feel really ****ing unwell. the sound, the grainy footage, the sick voyeuristic pov, the sheer level of unease in them, it was the same feeling of watching the Texas chainsaw massacre but amped up and much worse.
Insidious was good too up until the dream world, as others have said.
Still though, neither of those can compare to the fear I've felt trying to play Outlast alone at night with the lights off and headphones on. My god.