<p>If the kind of research really interests you and you think you’d contribute well enough to get a publishable paper, then pursue it. Otherwise, it won’t really contribute to your grad school application.</p>
<p>Interning at MS gives you a great backup plan if you don’t end up getting into the grad program you want, and you’ll be paid well. If you do well you’ll probably get an offer from MS down the road.</p>