Cole I think...
Cole zaps Mustang once, and then he's on the ground like a dunce.
Mustang lights up the stage, Cole is not even phased.
Fool ya fool
It's difficult to say, if mustang evaporated the liquid in Cole's eyes it would go to Mustang's favor, but it at the same time it would be asy for Cole to take a shot at Mustang.
I'd say Cole would win because of his speed, but otherwise Mustang is fully capable of killing Cole, it could go either way.
ooo cool fight! but I kinda see winning because of his agility and faster... tho Roy is no slouch neither, Current Roy doesn't need transmutation circles and can transmute rock shields and if he gets lucky he could trap Cole in a prison made of rock.. then burn his butt! lol.
but still I kinda see Cole winning here but not easy.