Ryu: I use U1 if Ryu uses U1, and U2 if ryu uses U2.
I find the use as Anti Anti Air is very inefficient as they can just s.rh(early) or late EX-SRK. When Shotos with 3frame srk, can just mash SRK even though I am doing U2 after Light SPD -> Banflat -> Ultra2, because it takes to long to become airborn I start really feeling there is no use for this ultra in that matchup. But when ryus (such as Easyman in EU) opts for U2, I like to have my own U2 because if neutralises it more or less. ANd renders hes ultra equally bad.
Ken: I do the opposite of Ryu, U1 when he uses U2, and U2 when he uses U1(to neutralise hes ultra.)
Chun: Always use U1. I dont really see why it would be more rewarding to USE ultra 2 vs. her, especially with a jump that I can reactional counter with NJ.HB.
Guile: I use Ultra 2 because I feel I need the mixups when im in.
Zangief: U1 is prefered for me, unless the opponent opts for U2, then I like to use it to neutralise their Okizeme options. And since they are going to Tiger Knee Ultra 2,and my ultra will come from a very much airborn state, I will land before them and punish. I more or less NEVER go for the U2 myself, just keeping it safe.
Blanka: U2, because I can punish all random rainbow with fa, dash, u2. And guaranteed punish on ultra and super everytime. as well as when I land a knockdown without safejump, I can scare them from AA.
E. Honda: U2, I feel it is more than requierd to have that random option vs. Honda.
Dhalsim: U2, it counters Dhalsims own U2 100%. But I also prefer it when Dhalsim uses U1. Because we can catch stuff easier with it.
Balrog: I use U1, mainly to punish EX-Upper.
Vega: U2, to punish past midscreen random EX-Flies, and I find it requierd to have a good mixup on him.
Sagat: U1 / U2. I always use U2, because I need to have more options after landing a knockdown.
M. Bison: Ive been using Ultra 1 in the past, but I am starting to use Ultra 2 more, I find him escaping both to easily.
Fei Long: I have been using Ultra 1, because it can punish EX-Rekka #2 on block. And I dont find the risk vs. reward to be good with U2 against a char with such a big lifebar.
Cammy: Always used U1 because it punishes dropped links, and random spirals. I dont feel we get much use for U2 in this matchup as it needs to be airborn to work. So its not a defencive options, only offencive. But I sometime try to test out what I could do with U2 in this matchup.
Dee Jay: I use U2 because of hes air to airs, and hes really good charged anti airs.
T. Hawk: I use U2 vs. T.Hawk because you can confirm and react with Ultra 2, and u also destroy some of hes Oki when u have U2 stocked. Also you can counter hes AA-Ultra 2 with your Ultra 2 if u are neutraljumping while zoning him.
Juri: U2, because lol. She destroys gief, and all we got are guesses.
Rufus: U1, but I am gonna start using U2 as it catches EX-Messiah and backdash/jumpaway.
El Fuerte: U2 To make hes mixups harder.
Abel: U1, because well hes not that much airborn and you can optionselect it on knockdown to counter roll.
C. Viper: U2 Feel it is requierd.
Hakan: U2, to make him afraid to use hes U2 to counter splash mixups. If u dont press, u can dodge it with Ultra 2, and punish.
Gouken: U2 is my choice because of hes amazing keepaway but poor esapes. It really becomes true 50/50 when hes knockdown when u have U2.
Seth: I have been using U1, but I am gonna start using U2 to see if it may be better.
Makoto: U1, for Axe kick punishes etc.
Ibuki: I have been using U1 for the backdash U1 punish on one of her kunais. But I think maybe U2 is better. She is braindead though :v
Dudley: U1 Dont need to take big risks to win this match. Play solid.
Adon: I have been using U1, but Im starting to think U2 is better.
Cody: U1
Guy: U1 for maxpunish on slides.
Rose: U1 for maxpunish on slides.
Sakura: U1 risk vs. reward is so bad with U2 imo 
Gen: U1, but I think maybe U2 is better.
Dan: U1
Akuma: U2, to stop bad mixups.
Yun: I have been using U1, but I think having the mixup is good because of hes low vitality.
Yang: I have been using U1, but like Yun I find that maybe having the U2 mixup is better because of hes low vitality.
Evil Ryu: Same principles as Ryu and Ken.
Oni: I have been using U2, but I think U1 is better.