I'm going to be a bit contrary (as usual) and go with Emerald Coast. Although Paragod's CE time is absolutely insane, it has been tied by someone on Youtube by the name of PersonOnEarth.
I think Jawzun's record is slightly more impressive, because even though it's far from absolute max (I'd say ~0:59:50 at the insanest), only a few people have ever gotten to 1:01 territorry. Although there's only two or three people who've gone sub 1:40 in CE overall, that's probably because most people are not willing to do hundreds, or even thousands, of tries just to get everything quite right without making mistakes. Your time here is determined a lot by luck sometimes, since it's always about keeping momentum up (especially on those darned grind rails). So, even a sucky player might be able to get 1:45 or less if he just tried a few hundred times.
Emerald Coast, however, doesn't require a perfect run to do well. It does, however, require skill. No matter how many times you try here, if you don't have enough skill, you just can't get a great time. Each player here has a set max based on their skill, and can rarely get lucky enough to get a time they might not deserve. In CE, it's possible for almost anyone to acheive insane times if they try (maybe not 1:36's, but good times).
Paragod's CE is very impressive, and deserves recognition as a great run, especially since he actually has probably the best time-attacking skill (for Sonic, at least) overall in this game.
Edit: THAT'S IT DARNIT THIS TOPIC HAS INSPIRED NEW TARGET TIMES
CE: 1:48 (I'm not expecting to get lucky)
Emerald Coast: 1:01 (I know it can be done)