While submitting a listing in the directories which option is most preferable? Is it the reciprocal link or regular link? Which is the best option and practice?

Regular link is the best one.

Reciprocal link means exchanging links; you put other website link in your website and your website link on that particular website. Regular link is the best practice to listing website.

Reciprocal link means site a linking to site b and site b linking back to site a.

Reciprocal linking is two linking that is most probably can harm to website as google consider this is non relevant links and only made to manipulate page ranking

When you exchange link with other site is known as reciprocal link, it means that you have to keep link of theirs then only they will keep link of yours otherwise they will not. where in backlink its not necessary that their link is to be placed on your site.

Impressive site and prestigious site to me, I am impressed by this site.
http://www.socialcubix.com

Reciprocal links are not given preference, its a kind of link trading.