I suspect the best individual method depends on your goals and your current skill set. I focus on developing a reliable repertoire and that means learning a tune inside out. In some ways it depends on the tune and my familiarity with it at first go round. With a song like Misty or Autumn Leaves that I've heard hundreds of times the process is different than when learning a song I've never heard before.
In any case my approach is to listen to a couple of versions of the songs as performed by the masters. If I have the tune in my Fake Book, I take a look at that. If I intend to perform it with a vocal or a female vocalist, I determine the best keys and transpose if necessary. I always print out a lyric sheet. Then I record the song so I'll have 'rehearsal tracks' to use in practice.
I don't do as much direct transcription 'note-for-note' as I used to. I do use notation software to create a simple lead sheet of the melody and the chords with the lyrics. But when I do the recordings, I like to use the simple transcription of the chords as on the Learn Jazz Standards site with just the key signature and the chords per measure, especially for laying down rhythm tracks.
With songs that I am unfamiliar with at first, I start with a printed lyric sheet if appropriate and there is no sheet music already available. Then I just pencil in the chord changes by ear. In the end I create a simple notated lead sheet.
In terms of improvising over a song I know well, I try to play what I hear or better anticipate as complementary or in some cases identical to the melody, sometimes a contra-melody. Sometimes I sing as I play this part but often it is just evolving in my mind. I don't think about what I'm playing so much as listen to the music, though that does entail anticipating where the melody and chord structure are heading. I don't contemplate each individual note so much as anticipate the destination and trust my musicianship to take me there. Not every journey is a smooth one, however, ....
When playing a tune solo in chord melody style, I focus first and foremost on the melody and the rest follows from there, especially in a positional sense. Voice leading is king.
Monk's Mood
Today, 04:25 PM in The Songs