Exclude specific files from TFS source control

Last week one of my co-workers was looking for a way to exclude a specific file from TFS source control.
We found the following 2 options:

1. On a single file level:

• Select the file you want to exclude in the Solution Explorer.
• Open the File menu, click Source Control and choose the Exclude from Source Control option.
• On the folder level: By using cloaking you can hide a specific workspace folder.
• On the File menu, click Source Control, and then select Workspaces.

     2. In the Manage Workspaces dialog box, click the workspace you want to apply cloaking to, and then        
         click Edit

• In the Edit Workspaces dialog box, in the Working folders list, either highlight the folder mapping located under Source Control Folder and Local Folder that you want to cloak, or create a new one. Under Status, change the setting from Active to Cloaked.
• Click OK to close Edit Workspaces and Close to close Manage Workspaces.