Not a fan of shaving or waxing, I recommend trimmer with #4 or #3 comb on it. Short enough so your pubes don't dread up, and no rashes.
I use the robbie McEwen Chamois cream on the bike shorts chamois pad, and a bit of Soove antiseptic cream between balls and leg both sides. there is a bit of lignocaine in the Soove cream (local anaesthetic) which may reduce discomfort. stuff like lignocaine is usually in sunburn creams.
if it's a short ride you can sometimes get away with just Soove, but the RMC Chamois cream works well for a long trail or road ride.
I bought the Assos cream once. Menthol gives weirdly cool balls, and I think there was propylene glycol in it, which is a nasty chemical that should be nowhere near a human body. fuck that shit. you can read the ingredients on the assos site.