…For pain affiliated with arthritis, specifically.
Both have the same active ingredients, but Precise has many more inactive ingredients.
Thank you for your knowledge 
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Icyhot Or Tylenol Precise?
Posted on January 20, 2012.
Well actually, Tylenol has a specific drug for Arthritis pain, which you should take a look at.
http://www.tylenol.com/product_detail.jhtml;jsessionid=QBVLMDKNMN5RECQPCCGSUYYKB2IIQNSC?id=tylenol/arth/prod_arth.inc&prod=subparth&_requestid=6770065
Icy Hot is also good for Arthritis pain.
I think a combination of both would be best, but if you have to go with one or the other, I would say Tylenol because the drugs are interacting with your body via blood stream, so you would have longer pain relief.