Out of those two choices, I would say to go with the bundle, for the same reason as everyone else here. While Fable 2 is an enjoyable game, Bioshock is one of the best games released this generation, and Oblivion is just massive.
That said, Oblivion had some good DLC that comes complete in the Game of the Year Edition, but not the copy in the bundle; unless you're getting a good price on the bundle, I'd try to find cheap copies of the Oblivion GOTY and Bioshock separately.