What is the best option for reducing excess hair related to pcos?

Several. The answer is pretty complicated and depends on what you want and which treatment you might get for your pcos. Generally, turning down the production of the hormones causing the hair growth would be birth control pills and something like aldactone, (spironolactone) which blocks some of the unwanted hormone production. Topical treatments like wax, laser, etc. Produce temporary relief. Metformin may also help some.
Laser hair removal. Laser hair removal is an effective and safe means of reducing hair if performed by an experienced practitioner. It results in long-term reduction of hairs after multiple treatments. Not possible to have 100% hair removal but possible to achieve 70-80% hair reduction depending on the color and coarseness of hair. Dark coarse hairs respond the best. Also requires periodic maintenance treatments.
Excess hair treatmt. Excess hair growth can be treated with laser hair reduction although due to excess androgens, it is somewhat more difficult to treat and may require more than the usual number of sessions. Anti-androgen meds like spironolactone may help. Treating pcos will help decrease excess growth and make treatment easier. For localized hair growth like chin/face, vaniqa cream helps.
See endocrinologist. You need proper hormone work up to determine what hormones are out of range. If you have elevated male hormones tagamet, Aldactone (spironolactone) or Flutamide which are oral medications can help reduce hair loss. Topical rogaine in addition may be of value.