A voltage-controlled oscillator (VCO) generates an oscillating signal that is substantially resistant to noise fluctuations in the supply voltage. The VCO is a delay-based VCO which preferably includes a compensation circuit for each delay cell and a noise-immune reference current generator for providing a noise-immune bias current to the conditioning circuit of the VCO. The compensation circuit preferably adjusts the capacitance of the delay cell to compensate for the variations in current caused by the supply noise. The noise-immune reference current generator preferably utilizes a configuration of transistors which maintains through at least one transistor a substantially constant current which is used to bias the conditioning circuit.