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Hi. So as far as I can make out, you're about an inch shorter than me and I ride the small. I'm not going to attempt an "internet bike fit" as we all know everyone is different in terms of flexibility and proportions etc, but given that the difference between a small and medium Cinelli is 1cm in the top tube (53.5cm vs 54.5cm effective top tubes) I would think you could find a stem that would get you a decent position on either bike.
If you want something less "racy" then normal logic says get the shorter top tube as it'll feel less stretched out, but the flip side of that is that the bigger frame will have a fractionally taller head tube which may give a higher position with a shorter stem.
In short I think your best bet is to try to borrow a bike and see how it fits, but you'll need to do a decent ride on it to really know if it fits or not; a trip round the block won't tell you anything.
Obviously I want to sell my frameset, but worst case scenario and you bought it, built it up and decided it didn't fit you, then I doubt you'd struggle to sell it on for all or most of the £300 I want for it. It's in very good condition and was £750 new not long ago. I think in the summer you'd actually get more for it than the £300. Even in that scenario you'll have a much better idea of what frame size you actually want/need. Best case scenario, it fits you nicely and you enjoy many happy miles together.
Depending where you are in London (and when you're there) I can probably drive to meet you saving you any carriage costs. I live near Maidstone so it's a little drive, but happy to arrange that if you wanted it. PM me if your interested. Otherwise I'm going to update my for sale thread with the same offer to anyone who might want it.
Cheers, D.
I am 1.73 and I have 77cm inseam. Once I tried Vigorelli aluminium size M and it was a smooth ride but it was too expensive at that time. Actually I'm confused too. According to geometry charts I can ride size S but my LBS and Cinelli representitive suggest otherwise. I am tring to find someone around me with vigorelli to give it a try.