Which is a better connection between CD player and processor, digital or analog? Please provide some feedback. Thanks.

That is a tough one to answer.
If you go digital you are using the DAC's in the receiver and if you go analog you are using the DAC's in the player.
Try both and see what sounds better to your ears.

There is no definitive answer. As butchgo points out, each approach involves using a different device's DAC's. Also relevant is the design of the analog output stage (everything that is happening around the DAC), and how the processor's analog inputs are being handled. You will need to have an analog bypass mode on the processor to avoid having the analog signal being converted to digital and back to analog. This is close to a standard feature on surround processors (although I can think of one that lacks it for stereo connections) and is a fairly common on mid-level and higher-end receivers. A high end CD player is likely to include a better analog output stage (both DAC and associated circuitry) than your run-of-the-mill DVD player, but there are also some receivers and processors that offer pretty respectable analog sections as well.

For the purposes of deciding which approach to use with hardware you have on hand, butchgo's advise is the best solution: try them both (being sure to include an analog bypass mode in the receiver or processor when testing the player's analog output) and decide which your ear prefers.