Really it depends on where I am...
If it's a known stop light, and I watched it turn red, then I'll probly do the neutral thing and just relax until the final yellow light before mine turns green.
If it's unknown or I don't know how long till it will turn green, I leave it in gear.
I'm a yellow light watcher and like to start letting out the clutch right before it turns green to get a smooth takeoff. Back in Iowa I had the delays timed out and could roll across the stop line as the light changed at full speed. Always scared/impressed everyone, but was obviously dangerous if someone ran the light.
I'm down with beowulf, though... clutch out and in gear spinning the tires is WAY cooler
