ALLOCATABLE arrays or POINTER arrays?
Allocatable arrays can result in more efficient code because the arrays will be contiguous. Particularly if the array is passed to a subroutine, being contiguous can prevent the need for the compiler creating a temporary copy.
For local variables in subroutines (without the SAVE attribute) (for Fortran 95 and higher), allocatable arrays are automatically deallocated upon exit from the subroutine, avoiding a memory leak. Memory leaks aren't possible with allocatables, except in the sense of the programmer not deallocating an array that is no longer need.
With pointers, you can reassign a pointer, leaving some memory inaccessible and lost -- one form of a leak. If an allocatable will do the job, I recommend using that method instead of a pointer.
Some reasons to use pointers: taking a section of an array, or creating a data structure such as a linked list. For the purpose of creating an array of size determined at run time, I'd use an allocatable.