In terms of Java, when someone asks:
what is polymorphism?
Would overloading or overriding be
Specifically saying overloading or overriding doesn't give the full picture. Polymorphism is simply the ability of an object to specialize its behavior based on its type.
I would disagree with some of the answers here in that overloading is a form of polymorphism (parametric polymorphism) in the case that a method with the same name can behave differently give different parameter types. A good example is operator overloading. You can define "+" to accept different types of parameters -- say strings or int's -- and based on those types, "+" will behave differently.
Polymorphism also includes inheritance and overriding methods, though they can be abstract or virtual in the base type. In terms of inheritance-based polymorphism, Java only supports single class inheritance limiting it polymorphic behavior to that of a single chain of base types. Java does support implementation of multiple interfaces which is yet another form of polymorphic behavior.