A comparative study of the homotopy analysis method and an improved renormalization group method is presented in the context of the Rayleigh and the Van der Pol equations. Efficient approximate formulae as functions of the nonlinearity parameter ε for the amplitudes a(ε) of the limit cycles for both these oscillators are derived. The improvement in the renormalization group analysis is achieved by invoking the idea of nonlinear time that should have significance in a nonlinear system. Good approximate plots of limit cycles of the concerned oscillators are also presented within this framework.