want to be Architect or Manager

Good answers @Vidya, @Anil, and @Destin. Here is this one advice I will add. 

While I agree with @Vidya on 30:70 rule but I want you to ask yourself. What kind of role do you like?

Do you like to learn new things all the time, like to write code, do some hands-on dirty work, like to help problems and stick to your computer? These are qualities of an architect.

OR, are you a people person who like to manage and deal with different personalities? 

One important difference between an Architect and Manager is, a good manager must love meetings, must be a social person and must love people and be surrounded with people. On the other hand, an Architect has to spend a lot more time with the computer.

Think about this.

After that, ask one more question. What do you want to be in your life 15 years down the road? Do you see yourself as a tech person or a non-tech person. A manager eventually may not be doing tech work. 

Hope it helps!

Besides, what Anil and Destin suggested, he is my view:

As you wrote you are in dilemma, so I assume you are equally good in both. Which is a plus point for you. Now take it other way, someone is not good in both and want to plan a career roadmap in one of these options.

What I have observed, seeing and doing is that, couple of managerial skills are needed in Architects and couple of architect skills needed in Managers. But you still hold the big piece of your defined role I.e. manager or architect.

Lets consider a scenario when managerial skills help a technical architect.
I can tell you from my experience being a Sr. Technical Architect in my company and job demands that you have to work with other teams, people, senior management etc. and these are people you have never met, seen. But your collaboration power, people handling skills, written and verbal communication will help you to succeed in such instances.

Lets take another scenario when architect skills help a manager
There is always a gap between managers and technical people. Many companies have stopped hiring plain "managers". I.e. they want technical people to be manager and handle other technical staff. How does it help, well the truth is that if you have technical manager then transparency is more, he understands the pain of developers unlike a lain manager. Its easy for team to discuss and explain technical show stoppers to him etc.

I would say no matter what you become, but continue to nourish both the skills, but yes focus on your strength (technical or managerial) but the good mix at-least 30:70 will help you go places.

In todays fast growing IT industry, Global delivery model, on-site/ off-shore model etc. at a senior level no company wants just a technical guy or a manager. They want you to be able to handle various situations. I personally have learned that you grow when you accept more responsibilities.

Good luck for future endeavors.

Supporting Anil:)
Some more points

1. More demand and opening  for Architect.
2. There would be less oppertunity for pure managers
3. More technical work for Architect
4. More people managment and budgeting for Manager

My suggestion is to  go for Architect ,if you are architect you can switch to manager position when needed with necessary qualifications later but other side it be some what difficult.But it my personnel opinion:)

I have seen people asks for MCA vs MBA. One should opt what he feel better and suit him. If you enjoy engineering and love to be with it always, you can choose architect, if you love people management and technology then managerial position. 
You might be thinking that I am not advising you one but describing both, why? Believe me my friend, it is only you who can decide which one is better suit to you.

You may find many small companies where there is no 2 separate position/role, and one person play both. A manager may be non-technical but with solid domain expertise. He has ability to manage the tech team to build what he has to. An architect need to be more technical and play good role in designing or architect the solution of problems.

you can also refer one thread on the same topic at social.msdn.microsoft.com