Reversible oxygen induced emission quenching of both the Spontaneous Emission (SE) and the Amplified Spontaneous Emission (ASE) of poly(9,9-dioctylfluorene) waveguides is demonstrated. We show that ASE shows a stronger quenching than SE, up to about 6.2 times, but also a stronger decrease when the excitation density increases. We conclude that the fast increase of the ASE decay rate is the main process in determining the ASE detection sensitivity, limiting the potentiality of sensitivity improvement of ASE with respect to SE.