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A low noise 5-GHz differential Colpitts CMOS voltage-controlled oscillator (VCO) is proposed in this letter. The Colpitts VCO core adopts only PMOS in a 0.18-μm CMOS technology to achieve a better phase noise performance since PMOS has lower 1/f noise than NMOS. The VCO operates from 4.61 to 5 GHz with 8.3% tuning range. The measured phase noise at 1-MHz offset is -120.42 dBc/Hz at 5 GHz and -120.99 dBc/Hz at 4.61 GHz. The power consumption of the VCO core is only 3 mW. To the authors' knowledge, this differential Colpitts CMOS VCO achieves the best figure of merit (FOM) of 189.6 dB at 5-GHz band.