Silicon is not the best transistor material ever. For example, gallium arsenide can run at a switching frequency of 250 GHz thanks to faster electron velocity and higher electron mobility. https://en.wikipedia.org/wiki/Gallium_arsenide#GaAs_advantag...
For the digital people, building a ring oscillator with N stages will cause the output to divide by N, and just make sure that f/N is in the range of your oscilloscope.
To actually measure things up in the THz range directly, there are more exotic methods: Superconducting bolometer is one that I've been involved with. But those are a PITA for a bunch of reasons.
"Best" is a funny word, because it means different things to people who care about different things. Silicon can be built with better gates / insulators than gallium arsenide, so if that's what you care about, silicon is better.
http://www.ece.ucsb.edu/Faculty/rodwell/publications_and_pre...
...for examples of some 600 GHz circuits, and:
http://www.semiconductor-today.com/news_items/2014/OCT/NORTH...
...for a >1THz circuit using InP HEMTs.