Reliability is a bit of a wash between the two - they largely have the same drivetrains (with exceptions). And really, while they can be durable (if maintained at least half-assedly), reliability isn't really great compared to more utilitarian Japanese competition from the same time period.
The 240 is a little tougher, though. A more solid rear suspension, a bit less fiddly front suspension.
And even though this is a Volvo board, and there are 3 Volvo's parked at my house (two of mine, one of my son's) we also have 2 third gen 4Runners. The 4Runners are ridiculously reliable, and even more durable than a Volvo. And even in bone stock base 2WD versions they're tougher and have more clearance and fit larger tires than a lifted Volvo. And 4WD/manual trans/e-locker axles/lifts/sliders/skids/bumpers/etc/etc are a lot easier to find if you find you like driving off-road and want to be able to go down more difficult trails.
Volvo's are good at some things, real body-on-frame SUV's are good at other things.