Bhagavan said that ajata vada was the ultimate truth, in his experience. He also said that eka jiva vada (drsti srsti vada) was the 'closest' to ajata vada.I replied to this in another comment:
How did Bhagavan see these two being different, given that eka jiva vada says there is no existent creation, it is just the perceiving of it (i.e. it is a dream)?
Venkat, you should be able to understand the answer to your question by reading my latest article, Metaphysical solipsism, idealism and creation theories in the teachings of Sri Ramana, so I will give just a brief reply to it here.
According to ēka-jīva-vāda and dṛṣṭi-sṛṣṭi-vāda, there is one ego or jīva who perceives this world, which does not exist except in the view (the perception or experience) of that one ego. Therefore what causes the appearance of creation (sṛṣṭi) is only the perception (dṛṣṭi) of the ego.