What is the difference between these two ? Is one better than the other ?

Nobody can say one balsa bait is better or worse than another, whatever the source, until they fish them. You can make a balsa bait that is durable and has a unique action that is impossible to find in a factory bait. That can be productive. Factory baits tend to be more uniform and have less variability. That's not a bad thing if the factory bait is a good one. What you're really hoping to get in a handmade bait is a unique action and/or color scheme that can catch you more fish than a standard factory bait.

I saw there was only one post on this, and thought I'd chime in...but BobP has more than covered anything I'd possibly think of. He's got loads more seniority on the topic as well.

I have to vote for a handmade balsa crank because I build my own. I only buy cranks from other home builders because I know the time and care that goes into the making of each bait. The only commercial baits I've fished with are Bagley and WEC, both good baits but not on the same level with a quality handmand. Big bait companies cannot afford to take the extra time/effort as the guy building baits in his small shop. Take the time and do some research on custom builders and try a couple of baits. It's well worth the extra money.