Both are BDD (Behavior Driven Development) capable unit test frameworks for Scala written in Scala. And Specs is built upon may also involve the ScalaTest frame
If one decision factor is the compile time, scalatest seems to perform better.
We're currently using specs2 in our project, but suffer from slow compile times in tests. I just finished a POC on moving to scalatest and saw compile times drop by a factor of about 0.82 just by switching the 2 frameworks in some of our sources.