may be typos here but you should try not to use square brackets in your sql; makes it much harder to read
also it is easier to join tables in the from clause rather than where, it makes more sense. I'd look in the documentation for more values but something like this may be easier :
SELECT top 5
uf.user_friendID as friendID,
i.name as friendImage,
ub.id as bulletin_id,
ub.title as bulletin_title
FROM
user_bulletins ub,
join user_friend uf on ub.user_id = ub.user_id,
join images i on ub.user_id = i.user_id
AND
(uf.user_id = 64 or uf.user_friendID = 64)
AND
i.display_photo = 1