Option 4: Maintain constant throttle up and down hill - don't adjust for speed
For me, I've found optimal to be accelerating down hill and then pulling back on the throttle going up hill (to avoid going too slow in traffic). No use burning fuel against gravity AND wind
Let gravity win, and then use your weight to pull you back down... Gravity always wins :P
Of course, YMMV - hill size is a big factor in picking a method...