See "Understanding Foundations" from Building Science
Corp.

"The most cost effective approach involves a
combination of rigid insulation and a frame
wall assembly .... The least risky interior insulation
assemblies from an installation perspective and
water sensitivity and drying perspective utilize
spray foam--either closed cell or open cell."

Either type allows drying to the basement.

On my most recent project I used BASF closed cell insulation for the entire basement, rims, garage ceiling and other hard-to-reach areas. On others, I've used open cell insulation at the rim joists and XPS on the walls. I don't like open cell because it requires more to achieve the same R value. Also, when sprayed on cold walls, it shrinks noticeably and I've ended up trying to fill the gaps with hand held spray foam.