The tradeoff is that low ESR will generally provide better ripple / regulation (because it is lower impedance, so a given ripple current generates less ripple voltage), but regulators often have some requirement on ESR for stability -- basically their feedback network needs the damping from the output capacitor ESR to avoid oscillating. Extremely low ESR (like ceramic capacitors) also can lead to high Q resonances -- this can be a problem for the input capacitors since they battery/power leads can act both as an inductor and antenna.
Generally, regulator data sheets will specify the minimum capacitance and the required ESR range. In this case, the datasheet doesn't specifically list a requirement, but the at the top of the "electrical characteristics" table, the test conditions are listed as using 4.7 uF ceramic capacitors for input and output. So that is what I would use, rather than either of the tantalum choices.
Finally, it looks like the high ESR is a smaller package size for the same capacitance -- that may be a factor as well, even if it isn't relevant to you.