I can't vote because my favorite is tangled up in one I'm less fond of in the poll. Majora's Mask is probably my favorite video game, period.
Twilight Princess, while I enjoyed, I would have done much differently were I given the chance. First thing on my list would have been to extract Midna and all the Twilight Realm crap and put it in it's own game so I can have a game that focuses on it's protagonist rather than a Mary-Sue.
Wind Waker I absolutely loved for it's art style. I especially loved how it handled special effects like explosions and such, they looked like paper cut-outs. It would also have my favorite incarnation of Princess Zelda, except Tetra isn't Princess Zelda. And the game's legacy is kind of tainted by Phantom Hourglass controlling like ass and Spirit Tracks being complete and utter shit.
Ocarina, while a good game, has nothing to offer that it's successors don't have aside from a heavy dose of nostalgia and The Greatest NPC In The History of Video Games (I'll admit, I'm kind of a Malon fanboy.)
If I could design a Zelda title and marketing shot down my idea of making Malon the protagonist, I'd probably give Link dialog. The Heroic Mime thing lost it's credibility when the series went 3D and has been getting less effective with each successive 3D title, and the only reason most fans will deny that is fear of Nintendo's brains falling out and making Link more like his DiC (cartoon) or CD-i incarnations. Which is a retarded reason because Nintendo's been wordlessly characterizing Link since Ocarina (Twilight Princess' manual in particular talks about how Link is the most beloved and helpful villager in Ordon and the buzz is that he's next-in line for mayor.) and it's been about as far from DiC or CD-i's interpretation as it gets.