working with multiple svn branches

Which is the best way to work with multiple svn branches (say 10) ?

1. keep separate local repositories and development environment
   for each branches in development machine

   ex:

     ~/branch1/...
     ~/branch2/...
     ~/branch3/...
     .............
     ~/branch10/...

2. keep one local repository and development environment, and then
   update it with currently required branch, then do complete build
   every time you start work on new issues

   ex:

     ~/project/...

Please let me know, even if there are any other ways.

-- 
Thanks and Regards,
Vijayakumar Subburaj