I prefer shaving and shave daily since my hair grows fast, shaving the area is fast once you get the hang of it and takes me about a minute in the shower.
Initially, the hair will need to be trimmed with scissors and a comb to get it short enough to be managable by a razor. I like baby oil to shave with on my privates, nothing else is smoother and you can see exactly what you're shaving and it can be reapplied easilly and it's inexpensive (my husband prefers liquid antibacterial soap). My favorite razor is the Venus, it doesn't nick as easilly as some others and the head floats conforming to curves.
When you shave, the first go-over should be done in the direction that the hair grows in, then follow with another once-over diagonally (not completely in the opposite direction) and this will help avoid ingrown hairs. Rinse the blade after every stroke on the first pass, the 2nd pass you can do a few strokes before rinsing.
Keeping the skin pulled tight where you're shaving and that will help reduce irritation afterwards. I think everyone goes through some irritation when they begin shaving but if it's done regularly, that will go away. You can use a light dusting of corn startch to help. A stripper once told me that she found that using an antipersperant stick after shaving prevented post-shaving irritation. You can use an exfolliating cloth to help prevent ingrown hairs if it's a problem for you.
I've thought about waxing but can't bring myself to trying it because of the pain factor.
I'm not fond of the creams because they can leave an aftertaste on the skin. I also would be careful using it on a woman making sure not to get it on certain pink areas. The creams have to stay on for a while and for me it's just easier and faster to shave.