) on my bike & all credit goes to XBHP 
i wanted to paint my bike's tyre marking so i collected few things which are easily available.
1. Surgical blade (Scalpel)

2. Aerosol Paint Spray

3. Packing tape

4. Scissor
5. Needle
Now after i got everything which i needed, first i cleaned my bike's tires properly & then applied tape on it & started cutting & peeling out the portion which i wanted to paint with the help of scalpel & needle, after doing that it was looking like this..

next step was to paint the desired part using Aerosol paint. I did several coatings of that paint after each couple of hours.
after repeating last step again & again finally i removed that tape from tire which made my bike's tire look like this.





) but i am sure you'll love doing it..& I've also tried the second option you mentioned but that didn't last long, once it got dirty specially after getting dipped in mud, it partially got washed off & with in a week it almost got disappeared & remaining partial alphabets got yellowish tint..this time i believe that it will last long as I've done few coatings of aerosol paint on it
rest tape, scissor & needle are found in almost every house i guess, so its quiet an inexpensive DIY & will not cost you more then 200bucks in total.

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