Hi, when you say best way to do - I'm not sure if you mean design wise or execution.

Here are some design ideas for vertical and horizontal stripes in interiors -

http://www.houzz.com/ideabooks/24001/list/striped-vertical-on-walls

http://www.houzz.com/ideabooks/62877/list/striped-walls

For execution, painters tape (the blue tape) is the your best friend. There are several techniques. One is to mask off the stripes that are all going to be the same color and then paint. Let dry - I suggest a day, then come back and mask off other stripes.

OR

For stripes that are very similar in shade. I have painted the entire wall the lightest color, then came back a day later, and masked off the darker stripes. This helps camouflage any slight imperfections with your masking off. (No white walls will show from where you didn't lined up the tape - like the first technique).