I've been looking on the internet to try and find something about the difference between the two alcohols, but it seems everybody has an axe to grind, and impartial information is almost impossible to find. The first two chapters of this
http://journeytoforever.org/biofuel_...manual1-2.html
give some info.
Also, most methanol is made from methane (natural gas, although cow farts would probably work too), and ethanol is made from stuff that's normally used to feed pigs and people.
Hitler caused a famine in Germany when he used the potato crop to make V2 fuel. If all the surplus corn were used to make fuel, what would happen if there were a bad crop year, would we drive or eat?
Ethanol has a stochiometric ratio of 9:1 as opposed to methanol's 6.5:1, so the mileage would be better, but the total heat of vaporization is only about half, so the fuel/air charge cooling would be less. I think this is why it's usually stated that ethanol has only about 85% of methanol's power.
It's been about 50 years since I last flunked organic chem, so if somebody has a better take on this, please feel free to join in.