My current method is using my Dowel Maker . Please follow this link and feel free to make comments.
Stock is cut just slightly larger than what you want your finished dowel to be. It works by drill pushing stock through a fixed cutter plate. The cutter plate has a central cutting hole for cutting the dowel shape and some smaller holes that also cut refining it.
PRO
It's simple to use, fast, and produces good to excellent smooth accurate results. There isn't any alignment required. No moving parts. No finicky time consuming setup. Portable. Can carry in your tool box.
CON
The cutting holes require using a good sharp drill bit when making. The end result counts on sharp burrs. Having said this you can't beat the simplicity and pleasing results with this option.
This is your Current Method, but is it your favorite? The dowels from this method appear to require sanding, which further reduces the diameter. In your opinion, which method produces the most accurate to required dimensions, and the smoothest finish?
PS; I see this will follow in the conclusion. My bad.