Damn. Have you guys forgotten some of the things that Robocop has withstood? Keeping the two cannon movies and comics in mind (the third movie was crap), he was able to survive a lot. Hell in the first movie the ENTIRE POLICE FORCE attacks him with SWAT class weaponry and he was still going...and that was post-ED209 beatdown, in which he got nearly hit with like three missiles and got backhanded 30 feet down a hall.
In Robocop 2 he survives a hundred story fall, a gas main explosive, an aircraft-caliber minigun, a welding torch to the face, a head-on car collision, about 3000 rounds of normal ammunition, being crushed repeatedly against the wall while hanging off the side of a speeding van, and a hydraulic battering ram.
So I think Robocop would win, for one simple reason: you need a ****ing nuclear bomb to get through that armor, and the Terminator would be using standard issue weapons that wouldn't accomplish **** just like everyone else. Robocop also has much more accurate targeting and his default gun is pretty monstrous; he is also very adept and adaptive to threats with his shooting. I'm confident that even if the Terminator had some big money shot weapon Robocop would be smart enough to target it and blow it to smithereens, or blow the Terminator's hand off at the wrist.
You also have to think that the Terminator's relentlessness would work to Robocop's advantage--the Terminator would come to him. Robocop could tear one of those things in half if they went hand to hand.
All that aside I really think Robo's sick gun would just blow a chunk out of the terminator with every shot, and with that targeting, he could easily headshot the **** out of the terminator.
Either way I'm going with Robocop.