The best light, in my opinion, for photos is sunlight and my favorite time to shoot using sunlight is during golden hour. Golden hour is the first hour after sunrise or the hour before sunset, the sun is normally more red/golden and is softer than normal.
•Example from a shoot I did with a friend during golden hour. The sun creates softer skin tones as well as a vivid golden color, hence the name.
Another time I like to shoot is Blue hour. Blue hour is my favorite lighting because it is just after the sun gets below the horizon. Blue hour creates a blue sky, the sun is below tree lines or buildings so you will have to use a higher ISO or lower shutter speed. The time when golden hour is shifting into Blue hour will bring out some very vivid colors in your photos.
•Here is an example from the same shoot. This shot is during the transition from Gold to Blue hour. Notice the streak of gold across the middle of the photo. But, the blues really pop out in this photo because the sun is reflecting a blue hue while leaving Golden hour.