My practice style depends on what my instructor has planed. If a jam/recital is coming soon, I knuckle down and try to get the new songs down cold. Fix my sloppy spots, and try to play through our song list everyday. Right now, he's going with the flow and letting me pick the type of stuff I want to learn. I need more of a regimen, or I'm going to slip back. I've improved in some ways that let me have fun with YouTube backing tracks, but too much just jamming doesn't teach me anything new.
When I am working on something hard or new, I start with finger exercises, that use all the left hand fingers, back and forth. Something I saw Lee Ritenour does. Not as fast as he, but something to get my fingers warmed up. Check out time 2:45
https://www.youtube.com/watch?v=VmkMuP7N4Tc
Then, if I know my part will involve a solo, I work the scale up and down in the position I play the solo in. Just to be really familiar with the notes I SHOULD be hitting, vs some of the notes I'll regret hitting.
When I have a new song to learn, I try to break it up into manageable parts. I try to get THAT part down, before I and the next part. I heard someone say once that they learn the last parts first, and work backwards, so they are leading into parts they already know, rather then moving into the unknown. Sound good, but it feels weird to play.