The Terminator is a T-850 model. Its armed with a "Westinghouse M-27 Phased Plasma Pulse Rifle."
Master Chief is from the Halo 4 timeframe, with current armor and before Cortana is removed. He is named with a Assault Rifle and a M6H Personal Defense Weapon System.
Who wins? The fight takes place on Earth in the battle ruined Los Angeles. Fight to the death.