Full disclosure, I'm looking for an intern in Madrid starting ASAP. So if you are interested don't hesitate to contact me :) (details on my profile) we work with Ruby, we are agile and we will mentor you :)

I'll say... do an internship but be careful where and with who. Working in a small startup for a handful of months will show you how a company works inside-out, and probably will allow you to do networking with interesting people. Go where you can get a good mentor.

Of course, if you intern in a big-corp just to be a code-monkey it might not be that fruitful (even though you might still learn about 'real life programming' or big architecture).