The compost will feed and improve the soil which the bark will not.

The compost may wash away if applied now. Much of its nutrient value may be leached out by spring. It will also support weed seedling growth, which the bark will not.

I would use the bark.

Next spring, I would apply some lime and a little balanced fertilizer to the bulb beds. Or apply lime and sprinkle some of the compost.

Tulips don't really care whether they're top dressed ot not.
Their greatest destroyers are moles, voles, and deer.

You can use whichever you prefer....or both :-) For many years, I have mulched only with compost (G&B's Soil Building is one of my preferred choices). Nutrients are unlikely to 'leach' out of compost over the winter - they are released only with the activity of soil organisms, some of which will continue to conduct this activity over winter as well. Compost can support weed growth as will finer grade bark mulches as well but it works equally well to suppress underlying weeds and their seeds. Niether will contribute to waterlogging the soil unless the drainage is inadequate to begin with.

While tulips and other hardy bulbs don't really require mulching, doing so over bare soil is a good idea anyway. It helps to prevent the compaction and erosion that can occur when soil is left exposed to the elements over winter. And it does help to keep weeds down.

gradengal48 Thanks much..I'm going to go with a G&B mulch (Harvest Blend to be specific) with some coffee grounds and bone meal mixed in.

My tulips are in beds that contain other plants, so the mulch will be beneficial to all other plants if not specifically to the tulips.

Wild tulips are native to high deserts, that's why they are in leaf only during the spring - the rest of the time it is too hot or too cold. Highly organic soil, with lots of litter on top is not likely to be part of their habitat.

For more on use of bone meal in the garden...

Here is a link that might be useful: Microsoft Word - B&B #45 - bonemeal.doc - Powered by Google Docs

WOW...Who knew their was so much to bone meal. :-)
I have to say it was very informative and an excellent read.
Thanks much bboy..

Hmmmm..... very interesting. I have not heard of that before but it does seem to make sense. I wonder how many hundreds of dollars I have spent on even more pounds of bone meal over the last number of years thinking I was helping plants & bulbs get a good start.