So here are your choices:

1) Work for Google

2) Work for startup for 1/3 the compensation, at least 50% more working hours, and options that have a 95% chance of being worth zero dollars at some point in the future.

It seems like the obvious choice would be Google but it also depends on what life stage you're at. If young and just starting out, there's no easier time to take a risk. If you've got a family to support, maybe the sure bet is a better way to go. Plus, if you're gonna take a risk later in life, you should take that risk on yourself not on someone else (i.e. start your own company).