Check if table exists in SQL Server

Question

I want this to be the last word on how to use SQL Statements in SQL Server 2000/2005 to determine whether a table is present.

Here are two options for how to go about it. Which one is the accepted practice or ideal method?

First way:

IF EXISTS (SELECT 1 
           FROM INFORMATION_SCHEMA.TABLES 
           WHERE TABLE_TYPE='BASE TABLE' 
           AND TABLE_NAME='mytablename') 
   SELECT 1 AS res ELSE SELECT 0 AS res;

Second way:

IF OBJECT_ID (N'mytablename', N'U') IS NOT NULL 
   SELECT 1 AS res ELSE SELECT 0 AS res;

MySQL provides the simple:

SHOW TABLES LIKE '%tablename%'; 

The statement. I am looking for something similar.