If you are going to go with a dynamo get a decent dynamo light. And I'll say the Cyo premium is probably the one to get. You can get them from EUR for less than they cost here, but I bought mine from Harris Cycle, the sponsor of the Sheldon Brown site and paid the full US $110 price. It wasn't worth waiting an extra week or two to get it from France. That may seem like a lot but it will last.

Consider that a rechargeable battery will still only last about 2 hours on medium after charging all day, so that won't be an option for all night riding, but a dynamo light will keep shining as long as you keep pedaling.