No one knows what bikes are supposed to do and bike lanes like this perpetuate the confusion. Most cyclists will say "No danger to me if I blow through this" and a few will say "A red light is a red light".
I say show up at a city council meeting and say "Hey, what am I supposed to do here? I don't want to break any laws." The point being that the city planners are perpetuating the confusion.
Oh, if you want a real answer, not a political one, treating it like a stop sign works for me.
2009 Trek 7.2FX WSD, brooks Champion Flyer S, commuter bike