Strictly speaking, from a UX perspective, it is easier to click a button than to check a box AND click a button.
Whether it is easier/more engaging to just display the text, or to require the user to check a box, is a secondary question here. The more important question is whether there is anything important in the TOS that they need to know before agreeing.
Try to anticipate what parts of the TOS are most relevant to your users, and call attention to them. Think of how most mobile app updates will recap what permissions the app has. This is separate from the TOS, but is displayed prominently and regularly because it is likely to be important.
Are there certain restrictions or conditions on the use of your site? Perhaps pull those out as bullet points.
Also, it's worth keeping in mind that TOS are in a legal grey area. There is a judicial precedent that, because it is unreasonable for an individual to read ALL of the TOS they might encounter (because some of them are ridiculously long), the federal stance is not to prosecute minor violations. So just because you get people to read/agree to a TOS doesn't mean you'll have any control over what they do. This brings us back to DA01's question: why do you really need a TOS?