I trailer, as it reduces the risk.
Paul86S2 on here drives to track days and a lot of them and has never had an issue, that I'm aware of.
If you can afford a trailer, on the basis of saved tax, MOT and insurance, I'd say go for it. Not only is your risk reduced, the stress of making sure you can drive home is reduced, too!
You can also earn the odd few quid when people need cars trailered about, too

How is a trailer license ever going to be a disadvantage, eh?