What's the best way to lay out sheathing around a doorway?
Option 1 is probably the best and 3 is the worst. Similar to drywall, you don't want a seam at the corner. This is where the load causes the most stress and therefore cracking.

For windows, it's the same. You install a full vertical piece as if the window isn't there, and make sure the seam isn't in the corner. Use a chalk line to mark the edges of the window frame, and then you cutout the window with a circular saw.

Note that if you install your sheathing before raising the wall, be sure each corner has the sheathing extend out to overlap appropriately. I like to stagger the joints so there isn't a direct path in the corner. Installing the sheathing before raising the wall makes it heavier, but allows you to completely square the wall first, and it's much easier to nail.