use a decent chain and keep it lubed, noise won't be an issue.

really though, use either. 3/32 is not going to break when skidding or anything. as posted above, it's been shown that chains, when assembled correctly, are almost impossible to break in any bicycle application.

cogs and chainrings are made in both widths, but i use 1/8 because 3/32 cogs and (especially) chainrings in common fixed/track sizes, 47-50T, can be difficult to find in 3/32.