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Faster: Friction is reduced.

Or slower, since you cannot "push" so much water with hands and feet as it "slips" through. Who wins: lower friction or lower viscosity?

Typical swimsuit doesn't cover the arms or legs, does it?

These people tested the question experimentally: http://gemini.cems.umn.edu/research/cussler/pool/ . At twice the viscosity there was no noticeable speed difference.