First off, I never do this if traffic is flowing. No point in moving up to the front at a red light just to be passed again. You save maybe 5 seconds riding to the front of the line, but leave a bad impression of cyclists on 10 drivers in the process.
When traffic is dead stopped (or at least mostly stopped), I split lanes to the left of the lane I should be in. If my direction has two lanes, that's in between those lanes. If my direction has one lane, that's between my lane and oncoming traffic. Nobody's moving so it's hardly any different. Unless there's a bike lane, which we don't have many of in Columbus thank goodness, riding to the right of traffic is way more dangerous (it still is dangerous in a bike lane IMO, but at least drivers expect you to be there). You have:
-all sorts of road debris waiting to weasel its way into your tubes
-Drivers turning right, not expecting you to be there
-Passengers getting out of the car, not expecting you to be there
-nowhere to go when drivers start daydreaming and squeeze you toward...
-the curb, which is the most dangerous obstacle in the road. Even the slightest brush will take you out
-and buses, which you then have to either stop for, or change lanes to get around
Coming up to a red light, Ill either pull in behind the first car and take the lane once we get moving, or just stay between lanes if the light's about to turn and I can tell nobody's going anywhere. Again, I only do this if I'm confident I can at least match pace with traffic.
If you want to be visible and predictable, pass on the left, where people expect to be passed.