With both approaches I use SSL.
Both seem the same secure to me. But if SSL breaks there are differences.
1) basic auth: Without SSL someone can fish the username+password and use it forever.
2) token auth: Without SSL someone can do a man in the middle attack and steal my token and just use it but only for the a certain time period I would say e.g. token creation date + 8 hours and every request with that token is invalid as the token is invalid.
Are there any more advantages from token based auth vs basic auth?