I dont really feel like these are the only options, though. Why can't you look for another job you'd enjoy more while still working at the job you hate?
That's definitely an option, but not always as easy as it sounds. If you don't have PTO, when do you attend interviews? Every interview I've had has been during normal business hours. And if you need multiple interviews before getting hired?
Will you current employer fire you if they find out you're looking? Or if your prospective employer calls for a reference check and your current employer gives negative comments so they don't lose you?