I'd like to hope it's difficult to find a 4x4 05+ for $12k.

Really depends on how much you want to spend on modding it after I guess. Out of the box I'd say a stock 2nd Gen with the locker is more capable than the 1st Gen. But - the 1st Gen is definitely more reliable with regards to not blowing Diffs etc. to easily.

I'd say put $10k into a 2002 / 2003 and spend the extra $2k on some toys for it.