For the two steels mentioned here, I would go with the O1, though the only O1 I've ever used was mine. There is really nothing wrong w/ VG-10 for a bushcraft knife, and geometry and heat treatment will influence the performance more than the specific steel, unless you're trying to decide between these two steels offered in the same knife, i.e. your choice of O1 or VG-10 for model x. For knife use, I'd think VG-10 would be a fine choice for bushcraft.
FWIW, one of my BF pet peeves is the carbon vs. stainless question. The only thing that can be said for certain is carbon steel is less rust resistant. In every other category, toughness, strength, wear resistance, hardness, etc., the specific alloy must be known to make any meaningful statement. While it is true that M2 and other highly alloyed tool steels will rust, grouping them with carbon steels doesn't really do them justice. There is a world of different between M2 and 1095, the main one being the ability of the former to cut the latter while both are red hot. Now I'm off to hand polish the rust off my daughters M2 kitchen knife. See ya'll in July.