Sulphuric acid is preferred for the process.
Explanation: Pure water is very weakly ionised and hence does not conduct electricity very well. Sulphuric acid basically increases the conductivity of water, and thereby speeds up the process of electrolysis. However it does not affect the chemical composition of the reactant or products, it only increases the speed of the reaction. Thus it is playing the role of a catalyst.
Also, this suggests that sulphuric acid is a good conductor of electricity.