Late to this party, but coming with some statistical experience:
From a statistical point of view, neither is good or indeed common wording in technical literature. This is partly a hangover from long usage (the word percentile was introduced in the 19th century) and partly because there are better ways to express the idea.
Historically, the 1st, 2nd, ..., 99th percentiles are numerical values greater than precisely 1, 2, ..., 99% of the data. So, although people don't usually say this, there could be 101 percentiles, because there are also the minimum and maximum. (Indeed, the maximum is greater than or equal to 100% of the values. There is lots of small print about how to calculate such percentiles when the number of values is not a multiple of 100 (almost always) or if there are ties in the data (two or more equal values; very common with some kinds of data: most people have 10 fingers), but let's not go there, as the small print doesn't affect the language used.)
More recently, by extension percentiles have been used for the intervals between these numerical values: the 1st percentile interval (or class, or bin) lies between the minimum and the 1st percentile (value), and so forth.
That said, a wording I think would register with statistical groups is
the 2.5% point or the 97.5% point of a distribution
This particular example is not bizarre as it may seem, as a pair of such points often defines a so-called confidence interval covering 95% of a particular distribution, which is typically met in a first course in statistics. If that is true, then we would use quite different wording, namely 95% confidence limits. But there are many other kinds of interval in statistics.