Interesting fight, BUT...
Regular Thor has already shown that he can turn off the Juggernaught's Force Field and bring down the Hammer on Cain Marko.
Odin has mopped the floor with Thanos in a straight up fight (which is honestly how it should be). If Galactus demolishes Thanos that the Odin Power should also as continuity has always shown them to be peers.
Given the fact that Thor has much experience fighting against the power of the Gem and it's wielder AND he has fought Thanos as regular Thor a few times, an Odin Powered King Thor who unlike JMS' version is NOT afraid to USE it to it's full potential, I would say that KING THOR would honestly take this one.
Regular Thor in the armor was a beast as he laid waste to Hela's kingdom and she could do nothing. King Thor in the armor is way over the top. Thanos with the Cytorakk's power gets stomped and it really doesn't do much for Thanos in the first place other than increase he already considerable durability.