FM transmitter and receiver attached to arduinos

What would folks recommend as a suitable FM transmitter and receiver design in the following situation?

I simply need to send an FM signal from the transmitting arduino to the receiving arduino in order to flash a LED.

All the FM transmitter designs use an electret micophone but I don't need that, so I figure I can just send a PWM signal into the transistor + tank circuit and leave out the electret related part of those circuits.

And I am looking at this Simple FM Radio Receiver for the receiver design. However I don't need to amplify the signal for the purpose of puting it through a speaker so I figure I can leave out the audio amplifier st5ages and just put the output directly into an arduino pin assuming 5V.

Essentially what I am looking for is a longer range, lower power and more compact alternative to a HC-05 bluetooth module.

Forget about FM for that. 315/433MHz OOK modules are a good choice.

aarg:
Forget about FM for that. 315/433MHz OOK modules are a good choice.

What are these based on? FM? AM? What form is the data transmitted in?

Did you really not think to google "OOK"?

Example: http://www.ebay.com/itm/433Mhz-RF-transmitter-and-receiver-link-kit-for-Arduino-ARM-MCU-WL-/140719918135?hash=item20c38f8c37:g:OrUAAOxyi3FRyqMw.
You can use VirtualWire or RadioHead software.