We humans can not operate a universe therefor all answers will be meaningless.

hmmm I start to imagine dirty stuff....ah nevermind

well everything hahahahahah

Honestly?

At first, I would have fun. I'd create great and fantastic landscapes and fill them with great and fantastic creatures - colors and vibrant music would fill the air in eternal light and glory. Things would exist primarily for my own amusement - and, like thoughts, life-forms would exist when i wished for them and then immediately cease to exist once I turned my attention elsewhere. 

Pretty soon, however, I would get bored with that. So I would create elements of which I was not in control - creatures whose lifespans were not dependent on my immediate attention. Creatures who had a pre-determined list of possible motivations, sure, but who never the less created a sense of unpredictability. I'd go through a new phase of being God, much like one plays a game of The Sims, keeping control over a few things here and there but enjoying the randomness of my creatures when they were not micro-managed. 

Soon enough after that, I'd probably let my creations become entirely separate from me. No longer would I control their actions, though the whole setting would still be much like a garden of Eden. 

But I likely wouldn't be satisfied with that in the long run, either, because only so many things can happen when everything is peaceful and there is no dissatisfaction. Hence, sooner or later, there would be strife.

And I would watch as the world grew and learned all on its own, things that I had not taught my creations. Only occasionally would i intervene - not necessarily because of sentimentality of the individuals over which I governed, but because of a sense of what would be interesting to learn, what I wanted to learn and what I wanted THEM to learn. 

And, at last, I would probably get bored of that, too... and I would grow lonely. And so, to forget my loneliness and make sure not to forget the strife of the people and creatures I had created, I would spend my years in different reincarnations of mortals. The human mind can only be satisfied for so long by being separate.

I'll just do what he, she, or it does. Just observe, and I won't create a heaven or hell either. Whoever dies get to hang out with me in the after life!

Take a big mug of coffee, sit in my comfy chair, relax and see mankind slowly slaughter themselfs.

I would use my omnipotence, unlike the other god, to fix ALL problems that occur. Yes, I've learned from that one Futurama episode where Bender becomes God that you need to balance out your influence but screw that. I would rule like an all powerful king.

assuming i'm a creator of the universe, let it run itself with a few basic laws in place while i go off creating different universes endlessly, occasionally checking in on each (because i'm outside time, i can do it as often as i like, really) to see how things are going.

The same way I do now.
I AM a god.

Respawn locations

Happily

With owls

Non-stop repeating zombie apocalypses!

Not make Justin Beiber, Twilight, One Direction, or twerking a thing, that's for sure.

I could make sure everyone gets what they deserve while still not having to do much myself by inventing Karma for real,m and let that run on autopilot for the whole universe (or at least on species that have the capacity to know they have a choice in what they do rather than just act on instinct) and this karma would have near instantaneous results too. Bad deeds are likely going to come back and bite you in the ass the same day, as are rewards for good deeds. That's how a fair universe SHOULD run

Everyone starts off with a crowbar.