Looks more like M. lloydii. It appears to have strongly-edged tubercles and three or four relatively even spines. M. magnimamma tends to have one long spine and then usually a few smaller ones, and less edgy tubercles. The two species are closely related and have somewhat similar flowers. M. magnimamma flowers should be a little larger and can be completely pink, but may also be white with red stripe. M. lloydii appears more like some M. magnimamma than some M. magnimammas do :)
From the spines and tubercles I would have said M. lloydii, but that much wool is unusual and I've never seen bristles like that on M. lloydii. M. lloydii flowers are very pale with just a slight reddish striping. I've never seen them this dark.
M. karwinskiana certainly has wool and bristles like that and can have flowers like that. It usually has more, stronger, and longer spines but is very variable and sometimes has spines like this. The flowers are usually even more red than this but can be a mix of reddish a yellowish like your buds seem to be. My vote at this point.
alealdo
cactuspolecat
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