IU has more NCAA titles, All-time wins, Conference titles, coaches with multiple titles, NCAA appearances/wins(due to sanctions).
With Indiana's 20 year drought, UL has made up some ground. Both are similar to some extent, when making noise: UL was really good in the 80's. Then was ok/good in the 90's. Got back to relevance with Pitino. Indiana was very good in the 70's, 80's and early 90's. Hoosiers were solid to very good at times under McCracken(2 national titles), in the 40's/50's.
Just my thoughts..