What will result in better Page Ranking in search results?
More page views & less time spent per page
Less page views & more time spent per page
Note: The website that is being made has over 10,000 pages.
Neither time spent on page nor page views has any effect on Google PageRank. PageRank is a metric of the number and quality of links into your site. Google shows you the PageRank of your site through the Google Toolbar.
You may actually be asking about: rankings in the Google search engine result pages. The correct answer to your question is "whichever makes your visitors happiest". Generally, that would be "more time spent on page" instead of "more page views". For example, it is better for user experience to let users read a 10,000 word article all in one page rather than breaking it up into 5 pages and making users click "next" a bunch of times. In a case like that Google has even said that it prefers one page for an article.
The metric that you should probably worry about most is "bounce back rate". That is, how many users click on your site from the SERPs but then back out because they didn't find what they want. It can be devastating to your rankings if most users go back and click on something else, or refine their query. Note that "bounce back" is subtly different than "bounce rate" which measures users who only view one page on your site. For some sites, users may be perfectly happy having found the answer on a single page.