  We characterize the phase noise of a microwave photonic channel, where a 10
GHz signal is carried by an intensity-modulated light beam over a short optical
fiber, and detected. Two options are compared, (i) an electro-optic modulator
(EOM), and (ii) the direct modulation of the laser current. The 1.55~$\mu$m
laser and the detector are the same. The effect of experimental parameters is
investigated, the main of which are the microwave power and the laser bias
current. The main result is that the upper bound of the phase flicker is
$-117$~dBrad$^2$ in the case of the EOM, limited by the background noise of the
setup. In contrast, with direct modulation of the laser, the flicker is of
$-114$ to $-100$~dBrad$^2$, depending on the laser bias current (50--90~mA),
and the highest noise occurs at the lowest bias. Our results are of interest in
communications, radar systems, instrumentation and metrology.
