A partnership is where you join a network and earn revenue off the that network(eg, Machinima, IGN).
You would earn probably $3-4 per 1000 thousand views, depending on what network you join.

Monetization is where Ads are placed along your videos and you would earn money off them when someone clicks on them. You dont that much from them, I get like 0.50 - 0.75 on most of mine.

The_Only_Dark_Knight wrote what is better a partnership or monetization?

Depends on what company you're partnered with. Most give you $7 for every 1000+ views, But you have to earn at least $300 before you can even recieve any money.

But a partnership would be better. No one ever clicks on the ads.