I dump it in the trash can and make sure I'm not around when the city empties the can. Actually, I put it in a trash bag and put it in the trash can. Most of the time. Unfortunately I don't make a lot yet, but I do make enough to clog up my two shop vacs more often that I would have thought.
Straight out into the back 40. Shop dog loves laying on them on sunny days!
I have the luxury of living in the woods so I just empty my 55 gl. drum on the ground away from my shop. When the mound gets too high I spread it around w/ my tractor.