This time of year ...
How cold is your water? If it is in the 50's or lower then you really should sail that boat with at least a wetsuit (obviously wearing it!). If you capsize and can't get her righted quickly, hypothermia is a real danger. Your strength can be entirely sapped in minutes. Every once in a while, we hear tragedies which happen when people get out on new sailboats very early in the season, when the water temp is cold. Many new sailors are not really aware of the danger of capsizing in very cold water. In the summer, it can be a lark ... when the water is cold, it's a different story.
I would prefer a wetsuit over life jacket. Life jackets won't keep you from losing your strength. You can die fairly easily if you are floating in your pfd but lose the strength to swim or climb out. Besides, there is flotation in wetsuits, (not that the CG recognizes it). Many people can float quite easily without moving simply by wearing a wetsuit, especially the thicker ones.