What is the best cooling method?

Watercooling but brings more headaches and is more "difficult". That said a very powerful air cooler can do a job well if you really want it "cold" if you are going to consider overclocking.

That said Air cooling tends to add more "noise" although its easier to do then Watercooling (as in easier to install).

But it depends if you are going to OC or not and if "noise" will be a problem or not.
 
However if you opt for a high end air cooler, like the Noctua D-14 or the Thermalright Silver Arrow,or the Thermalright Archon. The Low RPM fans are practically inaudible. They are able to do this as the large 140/160mm fans turn at a speed of 800-1200 RPM and are certainly as quiet or quieter than the radiator fans on a WC system. Additionally the above mentioned coolers are as effective as the top closed loop WC system Corsair (H-100). I run the Silver Arrow with the third fan, and it is simply not audible.
 
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