systhread_sleep(16ms) vs. WaitForSingleObject(16ms)

I ask for your advice regarding Max's thread pool in Windows.

I create a thread with systhread_create().
I have a Windows event handle that will flag when this thread should terminate.
I have a loop in which this thread infinitely enters

Which technique will Max like better? I have tried both and they seem to both function. Each of the below are inside the infinite loop. Is there a benefit in calling systhread_sleep(16) vs. the 16ms delay being in the WaitForSingleObject() ?

Option 1
WaitForSingleObject(m_hEventShutdown, 0)
if (event fired) break;
DoStuff()
systhread_sleep(16)

Option 2
WaitForSingleObject(m_hEventShutdown, 16)
if (event fired) break;
DoStuff()