I think you should play something that you are really familiar and comfortable with. Some song you know REALLY well! If you cant transcribe that song and you are having hard time with it, then you shouldnt play it.
When you are trying to apply to conservatory you should always play songs that are "in your own level of playing". You should forget everything too hard. The jury will see your level right from the first notes you are playing. So, take some easier song and play it as well as you can
dont take too big piece of cake if you cant swallow it!
Is there any reason you want to play this song?