This paper proposes two control methods for Interior Permanent Magnet Synchronous Motor (IPMSM) Drives. The first one is a V/f control with two stabilizing loops: one loop based on active flux balance for voltage magnitude correction and a second, based on speed error, with voltage phase correction. By this control strategy, a fast dynamic speed response, without steady state error and without speed or current regulators, for all AC machines is obtained. The second control method is a sensorless vector control strategy which also has been implemented and tested, just for comparison. Comprehensive simulations of both proposed V/f and sensorless vector control have been implemented by using a Matlab/Simulink package and a dSpace based platform has been built. Rather promising fast dynamic performance is obtained, both in simulations and in laboratory experiments for the proposed IPMSM Drive.