My answer would depend on a hundred variables including your physical and mental capabilities and what bike you are riding. Basically, I am going to do whatever is the safest move for me. Reaching my destination in one piece takes priority over any and all official rules of the road. If it is safer for me to wait, I wait. If not, I go. Go is the default for me but often it makes more sense to line up with the traffic and follow along. On my road bike I can roar with the traffic up to 30mph, and hold that speed for about 30 seconds barring nasty headwinds. This capability offers me loads of options in traffic. If I were riding a beach cruiser with a slow leak in the rear tire, my technique would be vastly different. Also your local and the disposition of the motorists should be taken into account. Where I live (New Orleans) motorists offer/ask no quarter to/from cyclists. So I/we take what I/we need while our motorists expect that and for the most part tolerate me/us. Other sensible areas of the world might tempt me to please motorists with politeness more often.

Use your head. Look both ways before crossing the street. Try to foresee the immediate future in traffic (the next five seconds at least). Get home alive at all costs.