Sexual orientation deals more with what you feel as you observe others and how your body reacts to them. Sexual preference just mainly deals with what you can consciously determine you would like to have in a person. For instance I myself am bisexual in orientation, however I sexually prefer men to women.
Yes, there is a difference between sexual orientation and sexual preference, because they are slightly different. A sexual orientation is what a person thinks naturally. They cannot control it. A sexual preference is a conscience choice. A person can make a choice to prefer something over another in a way that they cannot with the way they are naturally oriented.
Sexual Orientation and Sexual Preference are two distinct subjects. Sexual Orientation is something you are born with. It is hereditary. For example, whether you are homosexual or heterosexual involves sexual orientation. It is not something you can change. Sexual preference, on the other hand, involves conscious decisions regarding who you have sex with, and how. If you are "oriented" towards being a heterosexual, you will always prefer to have sex with a member of the opposite sex, though you may have a preference regarding how you have sex. The exact same analysis applies if you are "oriented" towards being a homosexual.
We are designed to go by a higher mental realm. One that is Spirit. If we go by the lower nature it will control us and make its desires a reality. It is not just in sex but I'm other areas. Eating. Adictions. Getting easily angered. The higher values is what has made humanity rise above destroying itself. These values are not of the lower nature. They subdue the lower nature. If man allows himself to give into satysfying the lower nature he will sink more and more into its control. Thereby caring less and less about the more Nobel things. Notice with yourself that if the lower nature is controlling you you must think higher thoughts to break it's control and delusion of what it makes you think you must have