It's PS! There probably is no 'best' way - just lots of different ones....
Personally I have never managed to get on with the dodge and burn tools so what I do is create blank layers called Burn and Dodge. I generally set the blend mode to Soft Light or Overlay then with the brush set to the appropriate colour and an opacity of no more than 5% I paint on the blank layer over the area I want to adjust. For me the advantage if this is that I'm not changing the image layer at all, erasing is doddle if I go too far and I can further adjust the effect by varying the layer opacity if required.
Another trick I've been shown is to add a curves or levels layer masked for the area you want to adjust and then adjust the controls of the layer to taste. Because it's masked this only affects the area you want adjusted. I find this method quite useful for larger areas that don't need the kind of fine localised tuning that can be achieved with the technique above.