For me, I treat them as stop lights and stop. Funny, this morning I saw another cyclist up ahead a ways and his option was to move up on the sidewalk (opposite the side street), continue on, then on the other side move back into the road.

After a bit, I actually did still catch up and pass him (about 8 blocks), I guess time saving is all relative.

In another situation, however, I did a left turn on red because my poor little bike did not trigger the sensors. I only did this after just missing the first green left and sitting through 1 complete cycle. So with no cars, I made my left.