Most likely the bottom thermostat. There should be two thermostats, one at the top and one at the bottom. The top thermostat also acts as an overtemp limit and will shut both elements off.
If the bottom thermostat is stuck on, or not making good thermal contact with the tank, it will keep the bottom element on until the water gets hot enough to trip the overtemp limit on the top thermostat. Tripping the overtemp on the to thermostat shuts off both elements, so you have nothing to heat the water until you reset it. 12 hours is probably about how long it takes the bottom element by itself to get the water hot enough to trip the overtemp limit switch.
Its also possible its the top thermostat, but I'd start with the bottom one.
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