What are the products formed when phenol is reacted with benzyl bromide? What are the products formed when phenol is reacted with $\ce{PhCH_2Br}$ (benzyl bromide)?

I can think of two ways in which the reaction would proceed. One would be the formation of an ether through SN2 mechanism. The other is formation of 4-benzylphenol (Friedel–Crafts alkylation)

Which one of the two products is likely to be formed?
If both are formed, is there any preference for one being the major product?
I believe the SN2 mechanism will predominate. The benzyl bromide is not sufficiently electrophilic to perform a Friedel-Crafts Alkylation, as that often requires the use of a metal catalyst.