I've seen it both ways out there. GW uses the first on their main website for the background of Raven Guard, but the second is more used by people out there.
I don't speak latin, but translators give different results for the 2:
Vinctorus Aut Mortis - Restraint or Death
Victorus Aut Mortis - Victory or Death
Approximations of the sayings, but you get the idea. Anyone else noticed this?
So which is it?