Whole milk is simply milk that has had nothing removed from it, so it will contain more fat. But it is the most natural milk as it hasn't been 'messed with'. Whole milk contains around 4-5% fat.
Skimmed milk is where the cream has been removed, and can also be labelled as 'fat free'. It contains less than 0.5% milk fat.
So, what are the benefits or each?
Whole milk has been demonised for a long time because of its higher fat content, but it's actually more nutritious for you. By cutting out the fat in milk, you are also losing fat-soluble vitamins A, D, E and K, which are important in keeping your immune system healthy, fighting back against free radicals and keeping your bones healthy. It's not actually a 'high fat' product, as it's only on average 5% fat, whereas actual 'high fat' products can be 20+%! So, if you are eating a healthy, balanced diet and staying active, having a glass of whole milk a day is not a bad thing, it's actually a good thing!
Skimmed milk's benefits are fairly obvious. With the lower fat content, you will have less calories and can help if you're wanting to lose a few pounds. With the 'skimming' process, nutrients such as protein, potassium and calcium are in fact increased a little, still keeping all of the other benefits of milk (minus the loss of fat-soluble vitamins).
What are the downsides?
Whole milk obviously has more calories because of the increased fat content. So if you are wanting to lose fat, then you might be better off with going for skimmed milk (if you drink a lot of milk that is, as a small glass a day won't be too much of a problem).
Because skimmed milk loses the cream, it also loses vital vitamins A, D, E and K (with vitamin D being very important and many people lack it). Yes it has a higher fat percentage, but its still not a high fat product. With these vitamins that are lost, if you are a healthy, active person, whole milk is a good option.
So, what should you buy?
It all depends what you like and what your goals are. If you are an active, healthy person, then having a glass or two a day of whole milk is not going to make you fat, and you will be getting those vital vitamins. However, if you want to lose body fat, and your current diet isn't as good as it could be, you're not exercising that much, then I would say go for the skimmed version. Try and bump up your intake of vitamins A, D, E and K to make up for them being lost in the skimming process.
I hope that has given you some useful information and help you make a choice between whole and skimmed milk. Its not always about fat content...
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