Best Timer for using in a Windows service

Both System.Timers.Timer and System.Threading.Timer will work for services.

The timers you want to avoid are System.Web.UI.Timer and System.Windows.Forms.Timer, which are respectively for ASP applications and WinForms. Using those will cause the service to load an additional assembly which is not really needed for the type of application you are building.

Use System.Timers.Timer like the following example (also, make sure that you use a class level variable to prevent garbage collection, as stated in Tim Robinson’s answer):

using System;
using System.Timers;

public class Timer1
{
    private static System.Timers.Timer aTimer;

    public static void Main()
    {
        // Normally, the timer is declared at the class level,
        // so that it stays in scope as long as it is needed.
        // If the timer is declared in a long-running method,  
        // KeepAlive must be used to prevent the JIT compiler 
        // from allowing aggressive garbage collection to occur 
        // before the method ends. (See end of method.)
        //System.Timers.Timer aTimer;

        // Create a timer with a ten second interval.
        aTimer = new System.Timers.Timer(10000);

        // Hook up the Elapsed event for the timer.
        aTimer.Elapsed += new ElapsedEventHandler(OnTimedEvent);

        // Set the Interval to 2 seconds (2000 milliseconds).
        aTimer.Interval = 2000;
        aTimer.Enabled = true;

        Console.WriteLine("Press the Enter key to exit the program.");
        Console.ReadLine();

        // If the timer is declared in a long-running method, use
        // KeepAlive to prevent garbage collection from occurring
        // before the method ends.
        //GC.KeepAlive(aTimer);
    }

    // Specify what you want to happen when the Elapsed event is 
    // raised.
    private static void OnTimedEvent(object source, ElapsedEventArgs e)
    {
        Console.WriteLine("The Elapsed event was raised at {0}", e.SignalTime);
    }
}

/* This code example produces output similar to the following:

Press the Enter key to exit the program.
The Elapsed event was raised at 5/20/2007 8:42:27 PM
The Elapsed event was raised at 5/20/2007 8:42:29 PM
The Elapsed event was raised at 5/20/2007 8:42:31 PM
...
 */

If you choose System.Threading.Timer, you can use as follows:

using System;
using System.Threading;

class TimerExample
{
    static void Main()
    {
        AutoResetEvent autoEvent     = new AutoResetEvent(false);
        StatusChecker  statusChecker = new StatusChecker(10);

        // Create the delegate that invokes methods for the timer.
        TimerCallback timerDelegate = 
            new TimerCallback(statusChecker.CheckStatus);

        // Create a timer that signals the delegate to invoke 
        // CheckStatus after one second, and every 1/4 second 
        // thereafter.
        Console.WriteLine("{0} Creating timer.\n", 
            DateTime.Now.ToString("h:mm:ss.fff"));
        Timer stateTimer = 
                new Timer(timerDelegate, autoEvent, 1000, 250);

        // When autoEvent signals, change the period to every 
        // 1/2 second.
        autoEvent.WaitOne(5000, false);
        stateTimer.Change(0, 500);
        Console.WriteLine("\nChanging period.\n");

        // When autoEvent signals the second time, dispose of 
        // the timer.
        autoEvent.WaitOne(5000, false);
        stateTimer.Dispose();
        Console.WriteLine("\nDestroying timer.");
    }
}

class StatusChecker
{
    int invokeCount, maxCount;

    public StatusChecker(int count)
    {
        invokeCount  = 0;
        maxCount = count;
    }

    // This method is called by the timer delegate.
    public void CheckStatus(Object stateInfo)
    {
        AutoResetEvent autoEvent = (AutoResetEvent)stateInfo;
        Console.WriteLine("{0} Checking status {1,2}.", 
            DateTime.Now.ToString("h:mm:ss.fff"), 
            (++invokeCount).ToString());

        if(invokeCount == maxCount)
        {
            // Reset the counter and signal Main.
            invokeCount  = 0;
            autoEvent.Set();
        }
    }
}

Both examples comes from the MSDN pages.