Its a both/and.
At this point, I refer to historic Baptist beliefs:
"At the outset of a discussion of these two subjects we are met by the question, whether they are not one and the same thing. They are unquestionably so intimately associated that it is difficult to separate them and point out the distinctions between them. The Scriptures connect the two under the one idea of the new birth, and teach that not only is regeneration an absolute essential in each conversion, but that in every intelligent responsible soul conversion invariably accompanies regeneration. It is not strange, therefore, that they are often confounded. Yet, after all, the Scriptures also teach that regeneration is the work of God, changing the heart of man by his sovereign will, while conversion is the act of man turning towards God with the new inclination thus given to his heart.
II. From the Scriptural teaching we see that the whole work of Regeneration and Conversion is included under the one term regeneration.
It is true that but few of the passages refer to anything save the work of God; yet these few sufficiently teach the use of the word in regeneration to lead us not to reject, as a part of it, that result of God's act which, in connection with the word, leads to the full union of its subject with Christ through repentance and faith.
The passages in connection with Paul as God's instrument, 1 Cor. 4:15, and Philemon 10, would not be conclusive, but they are made so by others.
However much James 1:18 suggests a different aspect of the work, namely, the bringing forth that which has been begotten, still it so nearly connects that idea with the begetting as to create doubt if the whole work may not be virtually involved.
But 1 Pet. 1:23, by the use of the compound of
gennao, shows that all the work of the Spirit, including both the new heart and the leading of it to conscious faith, is properly to be spoken of by the same term as a mere change of heart.
The whole work is thus spoken of, however, because God is operative from the beginning to the end, but this does not prove that he does not operate differently in one part from what he does in the other.
I. This is the result of regeneration. The new heart is prepared to turn to God and does actually so turn. Without regeneration, the sinfulness of man keeps him away from God, causes him to set his affections upon self and his own pleasure, and to find gratification in things which are opposed to God and holiness. The regenerated heart has new affections and desires and is, therefore, fitted to seek after God and holiness.
II. It is both the act of God and of man co-operating with him.
1. It is the act of God. It is thus described in the Scriptures.
1 Kings 18:37. "Thou hast turned their heart back again."
Ps. 80:3. "Turn us again, O God; and cause thy face to shine, and we shall be saved."
Ps. 85:4. "Turn us, O God of our salvation."
Song of Sol. 1:4. "Draw me; we will run after thee."
Jer. 30:21. "I will cause him to draw near, and he shall approach unto me."
Jer. 31:18. "Turn thou me, and I shall be turned."
Ezek. 36:27. "And I will put my Spirit within you, and cause you to walk in my statutes, and ye shall keep my judgments, and do them."
John 6:44. "No man can come to me, except the Father which sent me draw him."
2. It is the act of the regenerated heart actively co-operating in thus turning.
Deut. 4:30. "Thou shalt return to the Lord thy God."
Prov. 1:23. "Turn you at my reproof."
Hosea 12:6. "Therefore turn thou to thy God."
Isaiah 55:7. "Let him return unto the Lord."
Joel 2:13. "Rend your heart, and not your garments, and turn unto the Lord your God."
Acts 11:21. "A great number that believed turned unto the Lord."
III. The question naturally arises what is the nature of conversion. In reply it may be said that it consists:
1. Not in mere outward reformation.
2. Not in return from backsliding.
3. But in the turning of the heart to God and holiness. It is a turning of the thoughts, desires and affections of the heart from sinful and carnal lusts and pleasures toward holy things, and God, and Christ, and salvation. It is a turning from darkness to light, from the power of Satan to God. [See Gill's Divinity 2:132-4.] It consists "in a man's turning actively to God under the influence of divine grace." [Gill 2:135]"
Abstract of Systematic Theology, James P. Boyce, Chapter 32, Regeneration and Conversion
Also:
"In our natural state we are totally depraved. No inclination to holiness exists in the carnal heart; and no holy act can be performed, or service to God rendered, until the heart is changed. This change, it is the office of the Holy Spirit to effect. Pardon, justification, and adoption, are changes in a man's condition; but if no other change were wrought, the man would remain a slave to sin, and unfit for the service and enjoyment of God. Grace, therefore, does not stop with a mere change of condition, but it effects also that change in the character, without which the individual could not participate in the holy enjoyments of heaven, or be fitted for the society of the blessed.
Various forms of expression are employed in the Scriptures, to denote the change of heart; and they signify it with various shades of meaning.. It is taking away the heart of stone, and giving a heart of flesh; giving a new heart; putting the law in the heart; quickening or making alive; a resurrection from the dead; an illumination; a conversion, or turning back to God. So great is the change produced, that the subject of it is called a new creature, as if proceeding, like Adam, directly from the creating hand of God; and he is said to be renewed, as being restored to the image of God, in which man was originally formed. With reference to the mode in which the descendants of Adam come into the world, the change is denominated regeneration; and the subjects of it are said to be born again.
The change is moral. The body is unchanged; and the identity of the mind is not destroyed. The individual is conscious of being the same person that he was before; but a new direction is given to the active powers of the mind, and new affections are brought into exercise. The love of God is shed abroad in the heart by the Holy Ghost. No love to God had previously existed there; for the carnal heart is enmity against God. Love is the fulfilling of the law, the principle of all holy obedience; and when love is produced in the heart, the law of God is written there. As a new principle of action, inciting to a new mode of life, it renders the man a new creature. The production of love in the heart by the Holy Spirit, is the regeneration, or the new birth; for "he that loveth, is born of God."
Manual of Theology, John L. Dagg, Book Seventh, Doctrines Concerning Divine Grace, Chapter 3, Blessings of Grace, Section4: Regeneration.
Oh well, my .02 worth.
God Bless
Till all are one.