there are 2 different plans of hosting. One provides me limited bandwidth say 5GB and another provides me unlimited bandwidth but CPU cycles limit. Which one is good? Right now, I have 500 visits & 750 pageviews per day and growing day by day.
You missed the crucial information. What is the unlimited CPU usage server are they using? Based on the figure,you better go for unlimited hosting will do.
Any shared host is going to limit your CPU usage, whether they say it or not. Most will have it hidden in the TOS/AUP somewhere, but some will not. Either way, no host is going to let you use ridiculous amounts of CPU, at the detriment of other users. They will just suspend your account. As well, there is no such thing as unlimited bandwidth. Doesn't exist.
The unlimited on CPY cycle was a trick. There is no unlimited CPU cycle for shared hosting plans. I would recommend unlimited bandwidth over, even that "unlimited" is not exactly unlimited anyway.
Niether offer is great to be honest. As for unlimited CPU cycles, do you really beleive they will allow you to run the CPU at 100% or use unlimited bandwidth. If they can't be honest up-front, then imagine how they'll be once they have your money.