How are you positive it is either of those things? Not to ask dumb questions (maybe there is a prior thread I missed) but did you make sure the ram o-rings are good? A faulty Ram o-ring would replicate a solenoid leak.
If you really want to get down to the nitty gritty just look at the outputs on the solenoid. If there is leaking from the solenoid while it is in the de-energized position (aka not shooting) then it can only be one o-ring
in this picture it would be the third o-ring from the right on the solenoid spool..
But in all honesty, those solenoids can be found fairly cheap. Why bother rebuilding when you can get a new one? Then you don't have to deal with a possibly burnt out solenoid coil and you can start fresh.