I believe our poster was asking for a recommendation for a .22 LR. The .22 mag is nice, but it also is about 3X more expensive to shoot, and a lot noisier. I would not use it routinely for either rabbits or squirrel. Bigger varmints, prairie dogs, coyotes, foxes, wood chucks, etc. would be fine and dandy. Even crows sitting in a tree .
And for paper punching and friendly range matches, the opportunities would be much greater with a .22 LR. DF