The first ring seems to be what one learns first: the underlying group is the cohomology of the total singular cochain complex $C^*(\mathbf{C} P^\infty)$, which is defined as $\oplus C^n(\mathbf{C} P^\infty)$, so we can't possibly get the power series ring.
On the other hand, eventually one learns that cohomology is actually a representable functor in the stable category. Since $\mathbf{C} P^\infty=\varinjlim \mathbf{C} P^n$, perhaps we should have $H^*(\mathbf{C} P^\infty)=\varprojlim H^*(\mathbf CP^n)=R[[X]]$. At first glance this is a logical leap from $H^n$ being representable as a functor to $R$-modules to $H^*$ being representable as a functor to $R$-algebras, but I think this actually follows by abstract nonsense by the naturality of the ring structure on homs coming from a ring object.
Of course this could all be generalized to any infinite-dimensional CW complex, or further, and to more general cohomology theories $E$. I bring it up because the distinction seems in this case seems to matter for complex bordism theory and more generally for complex oriented cohomology theories. Specifically, a complex orientation gives rise to a formal group law in $E^*(\mathbf{C}P^\infty\times\mathbf{C} P^\infty)$, which only makes sense if the latter is a power series ring, not a polynomial ring. But ordinary cohomology is complex oriented, so we see again $H^*(\mathbf{C}P^\infty)$ should be the power series ring.
It seems like the argument in favor of $R[[X]]$ is more solid. But this would imply that the singular chain complex doesn't actually model the cohomology of a space, and would seem to cause problems with modeling spaces in general via $A^\infty$-algebras, which are in particular graded algebras, that is, direct sums of their terms...and don't we want to be able to do this? Maybe we actually want different rings in different situations? Maybe I'm missing something important in the second paragraph? Color me confused! Thanks in advance to anyone who can clarify this.
EDIT: Lurie seems to write down both possibilities in the same lecture notes: in the second paragraph here, the polynomial ring, whereas here, Example 5 showing that ordinary cohomology is complex orientable combined with Example 8 would give the power series ring.