Thor Odinson is the All-father of Asgard /God of Thunder, offspring of All-Father Odin & Elder-Goddess Gaea. Combining the powers of both realms makes him an elder-god hybrid and a being of no perceivable limits. Armed with his enchanted Uru hammer Mjolnir which helps him to channel his godly energies. The mightiest and the most beloved warrior in all of Asgard, a staunch ally for good and one of the most powerful beings in the multiverse/omniverse. Thor is also a founding member of the Avengers.
Not sure of all the exact differences never really read Ultimates and don't plan to but from my knowledge the 616 Thor is just much stronger and generally more powerful, and is considered an actual God I think and the Ultimates one isn't I don't think he is anyways, I think people have said he might just be crazy and thinks he is I'm not too sure on that. Also the Ultimates Thor has a half-axe half-hammer Mjolnir instead of the full hammer Mjolnir that 616 Thor has. That's all I know some of it may be wrong but I think it's generally correct.
All I've read is the Ultimate Thor TPB, but there are a few entries on the Thor character wiki in the "Alternate Realities" section near the bottom of the page. It really doesn't go into specifics about abilities other than to say he's not as powerful as 616 Thor. Anyway the thing with Ultimate Thor is there are at least a couple different iterations of the character, one, as mentioned by @thorthunder98, is basically a guy who may or may not be crazy but believes himself to be Thor and gets outfitted with high tech gadgetry in the form of the aforementioned half-hammer/half-axe and a belt which gives him his powers. Then apparently his innate godly powers are restored to him by Odin, but he eventually loses those when Asgard and Yggdrasil are destroyed, once again having to rely on Stark tech for his powers... http://marvel.wikia.com/wiki/Thor_Odinson_(Earth-1610)
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