Both
If you're not partnered and want to make money, the only way you'll make anything is through AdSense, but you won't start making money until you make $100 (which goes to YouTube) and then all the rest goes to you. (It may or may not have been updated since I last read up on it, so don't quote me on that).
For Freedom!, if you want to make money (period) then you need AdSense. You'll get 60% of your earnings, while Freedom! takes the other 40%. But you don't need to make the first $100 to make money.
Hopefully that helps and makes sense!