Two ways of stating the same thing
Compression ratio is the original size divided by the compressed size, written as a ratio. A 5 MB photograph reduced to 500 KB has been compressed 10:1.
Percentage saved is the same measurement from the other direction: the same file is 90% smaller. Both describe one relationship, and converting between them is straightforward — a ratio of n:1 means (1 − 1/n) × 100 per cent saved.
Percentages are generally the more useful form, because they compress the interesting range into readable numbers. The difference between 10:1 and 20:1 sounds like doubling; as percentages it is 90% versus 95%, which correctly signals that you are chasing the last sliver.