My favorite way to meditate/study the Bible is simple.
Read and reflect several times on the particular book of the Bible.
Take out a legal pad.
Grab a cool pen.
Bombard the text with questions, connections, musings, etc.
Put my most significant thoughts in my two study Bibles. One for each one of my sons when I kick the proverbial bucket.
Meditate throughout the day on at least one overall lesson. Possibly meditate and then commit to memory a verse or two.