Best way to create unique token in Rails?

-- Update --

As of January 9th, 2015. the solution is now implemented in Rails 5 ActiveRecord's secure token implementation.

-- Rails 4 & 3 --

Just for future reference, creating safe random token and ensuring it's uniqueness for the model (when using Ruby 1.9 and ActiveRecord):

class ModelName < ActiveRecord::Base

  before_create :generate_token

  protected

  def generate_token
    self.token = loop do
      random_token = SecureRandom.urlsafe_base64(nil, false)
      break random_token unless ModelName.exists?(token: random_token)
    end
  end

end

Edit:

@kain suggested, and I agreed, to replace begin...end..while with loop do...break unless...end in this answer because previous implementation might get removed in the future.

Edit 2:

With Rails 4 and concerns, I would recommend moving this to concern.

# app/models/model_name.rb
class ModelName < ActiveRecord::Base
  include Tokenable
end

# app/models/concerns/tokenable.rb
module Tokenable
  extend ActiveSupport::Concern

  included do
    before_create :generate_token
  end

  protected

  def generate_token
    self.token = loop do
      random_token = SecureRandom.urlsafe_base64(nil, false)
      break random_token unless self.class.exists?(token: random_token)
    end
  end
end

Ryan Bates uses a nice little bit of code in his Railscast on beta invitations. This produces a 40 character alphanumeric string.

Digest::SHA1.hexdigest([Time.now, rand].join)