The question didn't ask which is fastest, but to add to the sed answer, -n '1p' is badly performing as the pattern space is still scanned on large files. Out of curiosity I found that 'head' wins over sed narrowly:
# best:
head -n1 $bigfile >/dev/null
# a bit slower than head (I saw about 10% difference):
sed '1q' $bigfile >/dev/null
# VERY slow:
sed -n '1p' $bigfile >/dev/null