In most cases [according to my Surgeon and PT guy] Ice will give best results.
The anti inflammatory/pain reliever [OTC] can mask the majority of pain [the body's mechanism to tell you to stop] resulting in further injury. Ask yourself why do Pro sports teams and athletes submit themselves to Ice Baths? Because it kickstarts the body's natural healing/rehab process. I used to take as much as 10-12 alleve/advil/tylenol in a day because of a back injury many years ago.
This is what I use for my knee,
http://www.amazon.com/Aircast-Cryo-C.../dp/B003XX3G20
[Dr sent me home with it after surgery], there are less expensive versions but this one is not too bad on price and is a reciprocating system. I still use it after a workout or ride.