These are completely different things, with completely different goals.
ObjectSet<T>- This is a strongly typed property that allows you to run LINQ queries to the conceptual model. ( ctx.Apples.Where(x => x.Color == "Red")).
CreateQuery<T> - , SQL . EntitySQL. (SELECT * FROM dbo.Apples WHERE Color = "Red")
ObjectSet<T> , ObjectSet, . CreateQuery<T>, , , - EntitySQL, - , - . , ObjectSet<T>, CLR ( ..) SQL ( , PK ..).
@adrift, IObjectSet<T> , , , proxy/wrapper CreateQuery<T> .
Entity Framework 4.0 CreateQuery<T>. ObjectSet<T>, .