Nitrite is the most acutely toxic, in part because it interferes with the blood oxygen transport. Not unlike how CO interferes with our blood oxygen transport. But, ammonia has to be a very close second. Continuing the analogy, it would be like humans breathing in chlorine -- ammonia is simply a poison. I only ranked it second since not all the ammonia is completely lethal -- there is ionic ammonium that is far less toxic and ammonia that is the poison. Depending on the pH, the shift between the two may be safer. Nevertheless, there is very good research done that shows that fish exposed to both ammonia and nitrite, even at low levels, will suffer greater incidences of disease for the rest of its life. That is, exposure, especially long-term exposure, does permanent damage to a fish's immune system. So, it is really quite immaterial whether ammonia or nitrite is more deadly, they are both to be very strongly avoided by your fish.