The Avalanche are the clear favorites in this series, and are the better odds to win.
That said, my concern about the Avalanche would be the St. Louis series. While the Oilers had their trip-up against L.A. and had to recover to win, they got better against Calgary, a better team. By contrast, Colorado had a superior first-round series (against not-great Nashville) as you'd expect, but then got worse against St. Louis. Kuemper's .892 isn't terrible by 2022 standards, but it doesn't inspire confidence either. Also, the Avalanche very nearly needed seven games to shake St. Louis, which was playing its back-up goalie.
I feel like the Oilers are ready. They're well respected, hungry, and peaking (despite lingering injuries to Nurse). The question is: Did the Avalanche just have a stutter-step against St. Louis and now they're back to peak form, or were there real issues with the team? We will soon find out.