I would choose FLASH, I agree with most of the comments before mine. FLASH would be the choice because you don't lose memory stored in FLASH even after you power down your router.
Flash memory is located on a processor board SIMM but can be expanded using PCMCIA (removable) cards. Flash memory is most commonly used to store one or more Cisco IOS software images. Configuration files or system information can also be copied to Flash. On some high-end systems, Flash memory is also used to hold bootstrap software.
Source: https://www.ciscopress.com/articles/article.asp?p=101658
The question asks for PERMANENT storage. The correct answer can ONLY be FLASH. When the IOS is decompressed from Flash, and loaded into RAM, it is only temp until the next time the router is turned off.
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