This is just my opinion, but if you're friends, like "first name basis" friends, why not just use their name? My friend got his degree in econ from Columbia. Smartest man I've ever met. But while we're coworkers, we're also friends.
So, when I thank him in my Dissertation, I'll thank "Mani" not "Dr. Bayani" because I don't know, it just sounds weird, to me anyways. Another thing is that if you're a 4th/5th year student, your advisors at this point are really more like senior colleagues than outright superiors.
I call my mentors Dr. Sevigny and Dr. Coupet instead of Eric and Jason, but that's because... I don't know, Sevigny is much older (in his 50s) and I took Coupet's course so I guess I'm more used to hearing people call (when addressing him) him Dr. Coupet. I don't know, academia is kinda weird in this regard. But my point is, if you both are friends, proper friends, then just call them by their name.