Which Larvitar to evolve

imo the one with higher ivs

Neither.
Get enough candy to evolve AND power up the 93% one. If until there you don't have a better option with higher level and good IVs, evolve and power up the 93% one (if it gets a good moveset).

I would hold off if those are your only 2 choices! #1 is too huge of a investment esp if you don't get B/SE and #2 is not ideal to waste 125 candies on!

Number 2: no way, 125 Candys are wasted, too low IVs.

My plan would be: Walk, until you have sufficient candy to get number one evolved and to level 30. If you do not find a batter candidate during this time, use number one.

neither, keep looking for better one