Hey,
well, that's a very broad question. Let's try it 😉
All three variants need to be paid for. However, Splunk Enterprise has a trial license for 500 MB logs/day and 60 days, so you can just start free and get a feel for it. Splunk Cloud has a trial for 5 GB and 15 days, and Splunk Light has a free trial that I don't know the terms of.
Cloud is usually recommended if you have little admin knowledge, or just want to get started without buying hardware first. However, if you need to store your logs for a longer duration, it might get quite expensive. Also, if you want to have your data on your own premises, Splunk Enterprise + Light are for you, and also you have more freedom in configuring things.
You can find some comparison between those versions here.
Hope that helps - if it does I'd be happy if you would upvote/accept this answer, so others could profit from it. 🙂
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