I'd actually prefer the Bullet-Engine, since it's a free (openCL) engine and has lots of capabilities. Other than that, Havok would be fine, too.

I hope that TES V integrates Euphoria, it looks so awesome.

Havok, the devs already have experience with it for one. For two, we know it works for items and NPCs alike, im positive with a new version of havok and more knowledge, the devs can get it just right.

Hmmm, animations similar to those of Red Dead Redemption or animation similar to Oblivion's...

I think the answer is clear to which I would prefer.

RDR is way newer than oblivion... Oblivions physics are ancient in comparison.

I believe it is evident that the vast majority would prefer some implementation of Eupohoria by the poll.

While that is true, Euphoria an do a lot more than Havok can.

Euphoria's great, it's tough to use though, you have to hire NaturalMotions to do most of the work for you. But I think they charge a flat fee so it's not all bad.
I wonder how it'd work with creatures though? Isn't Euphoria generally used for just humans and the odd animal? I read somewhere that it takes quite a while to add new animations and controllers to Euphoria, I just hope it wouldn't limit the types of creatures Bethesda could make.
Then again Euphoria works alongside a physics engine like Havok, it isn't a physics engine itself, so, though this is going from memory, I guess you could have Euphoria for humans and something like Havok for everything else.

I'll just be happy if they fine tweak Havok and use parametric animation so creatures and NPCs don't look wierd on slopes in the next ES game (they had that in Fallout3 didn't they?).
Realistically, I'm not sure which would make for a better game, probably a mixture of both, I'll vote other.

What I would like to see is realistic cloth animation!

Like here http://www.youtube.com/watch?v=OdbYsHbGYmU

With Bethesda using a new engine that makes their new project look next gen (according to them), then I can't see how there's not some sort of idTech involvement in the creation of said engine. Therefore, I also expect to see idTech like physics and animations in the next TES release, if the new project is confirmed to be TES V.

If for some reason physics are not integrated, then my vote goes to Havok+Euphoria. Havok for physics, Euphoria for animations and refinement for Havok's physics. Havok itself is a great physics engine, it's just the settings that Bethesda implemented that made things ridiculous at times. And even then, mostly every physics fluke in Oblivion (except for slow motion falling bodies) made me laugh every time it happened. So while the physics themselves needed severe adjustment, it was still entertaining at times.

Where Bethesda really needs to step up their game is animations. As I said, I can deal with the ridiculous but entertaining physics of Oblivion, but I could not stand the animations at times. They're just so stiff, lifeless, and unnatural. Something Euphoria could really help to fix. (Hell, the company who made it is named NaturalMotion)