I've tried the oven and microwave. Neither worked well for me. By the time bud was dry enough to smoke, it was brownish...like vaporised bud. Here are 2 methods that have worked for me:
1) Use your vaporizer if you have one. Cut up the wet bud, and let it dry on a tray for an hour or so. Vape the bud slowly on low temp at first. When you start to get vapor, crank the temp up to normal and enjoy.
2) Leave the bud on a piece of aluminum foil on top of your water heater (or other warm spot) overnight. Cut the bud up into smaller bits for quicker drying.
I have not tried it, but I read in Jorge Cervantes' MJ Bible that you can freeze dry bud using dry ice. Basically, just put some dry ice over your bud, seal the container (poke a hole in the lid to exhaust excess gas). When the dry ice is melted, your bud should be dry.