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My take:  Mum-Ra is so damn powerful that he just messes with the Thundercats for fun.  Sure he loses, but he laughs the whole time because he is "everliving" and he just needs some distraction to fight off boredom.  On the other hand Skeletor just gets his ass handed to him over and over again by He-Man and friends.  I always saw Skeletor as a joke, while Mum-Ra was a badass.

So, yeah, Mum-Ra would win, unless he didn't care....