If you are dating a guy for a little over a month.......... (serious answers only please)?

I met a guy through the personals and talked to him about 2 months online and we finally met. Well we have went out quite a few times (5+ in the past month) and we talk on the phone at least every other day. Well I got asked out by someone else and am not sure if I want to go because I really like this other guy. But we have not had any serious conversations about "us". He is really busy with his kids and work etc and I don't "think" he is really ready for anything too too serious (which it is kind of soon for anyway). Anyway do you think I should tell him I got asked out and see how he responds or just not even mention it? I am not into playing games and I am very honest so it is really hard to not say anything to him. Any opinions??? Please only serious answers. Thanks