I like the first option. In the second, you'll need to watch out for an unchanged library path -- i.e. you may be running the R process as root but still inherit in your R library settings from your unprivileged user, thus you'll just end up installing into the same library you would have without being root.
However, you can use the '-i' option on Linux to request that you get the full-fledged root session which gets around this problem:
sudo -i R
Again, the cleanest is probably Tyler's first solution.
Jeff