You can use the pink stuff but they foam is better as you can't get mold and what not on styrofoam. I used both actually. foam on the exposed foundation and fiberglass on the ceiling etc. What you really want to be concerned about is keeping the moisture (there will be LOTS of it) from your grow room from escaping into the insulation, passing through your insualtion and eventually hitting the cold exterior walls, condencing and causing problems.
Soooo, you can use the pink but after installation, CAREFULLY install a plastic vapor barrier. Just staple it over all the insulation, sealing it to the floor and sealing it around your outlet boxes, etc. Accoustic sealant is the best option here. Remains flexible and very sticky. Really do a good job sealing and you will have no long term problems.
Cheers.