ALTER proc vs IF EXISTS DROP/CREATE

>For files saved in source control, is it better to use code to DROP/
>CREATE a procedure like this:
>------------------------------------------------------------------
>or is it better to use the opposite logic and create a stub proc (if
>it doesn't exist) then run an alter statement like this:

For files saved in source control, is it better to use code to DROP/
CREATE a procedure like this:
------------------------------------------------------------------
IF OBJECT_ID ('procName') IS NOT NULL
DROP PROC procName
GO
CREATE PROCEDURE procName
AS
BEGIN
--proc code
>
END
>
GO
GRANT EXECUTE ON procName TO role
GO
------------------------------------------------------------------
or is it better to use the opposite logic and create a stub proc (if
it doesn't exist) then run an alter statement like this:
>
------------------------------------------------------------------
IF (OBJECT_ID('procName') IS NULL)
EXEC('CREATE PROC [dbo].[procName] select ''stub''')
GO
ALTER PROC procName as select 'Proc Code'
GO
------------------------------------------------------------------
>
Is there any advantage to one way over the other?