Which Protocol to use to control WiFi (ESP8266) enabled Led Light
UDP :D

Seriously though, ESP8266 is limited in resources, AND you want to send 50-60 updates a second, just UDP will be the most lightweight, and you won't run out of connections (5 I think on ESP), because UDP has no connection state.

This is what was used here to control a RGB strip: https://github.com/cnlohr/esp8266ws2812i2s , it just listens for UDP packets on port 7777, and each packet contains rgb values, one byte for R,G,B, etc.

MQTT is nice, but it doesn't work well for 60hz updates, I Tried :D
It resulted in un-smooth animation, and frames out of order.