Personally I think those flutes in the hunter are hideous. I wouldn't own a gun that looked like that. The target model just looks all business ... no girly bling like the hunter model.
Considering that the only real differences are the front sight and those hideous flutes, buy the one that YOU like best. They'll both shoot exactly the same guaranteed.
I have a MKII stainless model identical to the target and a stainless 22/45 with the short tapered barrel.
For me ... I'd get the blue target and save myself roughly $160. I just may have to get one of them, even though both my MK's shoot identically, no matter the barrel configuration or color.
'Hunter' is just a made up name Ruger came up with ... you can damn well kill any squirrel with a 'target' model just as easily as with a 'hunter' model.
I've seen the blue target model (40101) everywhere online for just under $400 ... and even as low as $369 ... which is pretty much all I'd want to pay for a 22, but that's just me ... I like inexpensive guns that perform like their way more expensive models ... spend the rest on reloading gear or ammo or components.
REV