I pre-rig mine to a small reel and usually clip it to my right side waist D-ring.
If I'm diving in a drysuit (which has thigh pockets), and I don't expect to use it, I'll put the whole reel/SMB rig in my right thigh pocket.
I don't like it as much on my butt D-ring as it can get in the way when I'm sitting down on my bench after a dive. And I don't like needing to move it around at the start/end of a dive. I clip it to my waist belt when I assemble my rig, before I ever gear up. Then it just stays there until I'm done diving for the day. I do very little drift diving, so I rarely deploy my SMB (other than practice in the local pool or quarry, where I deploy it often).
If I'm diving in a drysuit (which has thigh pockets), and I don't expect to use it, I'll put the whole reel/SMB rig in my right thigh pocket.
I don't like it as much on my butt D-ring as it can get in the way when I'm sitting down on my bench after a dive. And I don't like needing to move it around at the start/end of a dive. I clip it to my waist belt when I assemble my rig, before I ever gear up. Then it just stays there until I'm done diving for the day. I do very little drift diving, so I rarely deploy my SMB (other than practice in the local pool or quarry, where I deploy it often).