Options better than warrants?

Options, I think you are meaning "equity option"

An equity option is a contract which conveys to its holder the right, but not the obligation, to buy (in the case of a call) or sell (in the case of a put) shares of the underlying security at a specified price (the strike price) on or before a given date (expiration day). After this given date, the option ceases to exist. The seller of an option is, in turn, obligated to sell (in the case of a call) or buy (in the case of a put) the shares to (or from) the buyer of the option at the specified price upon the buyer's request.

Option price = market price - strike price

However, warrants is just a game play buy the issue party.
They will decide the price with many factor and more elasticity.

Therefore, it is correct that options is more fair and less risky than warrants.