Both. They're my managers and also someone to chit chat with in the break room. Out on the floor they're my team leaders, and outside of work they still are, but you've got to maintain a realistic expectation of how comfortable you can get with a leader in terms of being peers.
A lot of team leaders in my store like to joke around with other TMs and TLs and have fun but they also maintain that performance goal and they do run the team. A lot of team leaders have good chemistry that way in my store and a lot of them have found a good balance between work and having fun.
Work is work, it's not made to chit chat... but chit chatting helps.