I think he should spend a couple of years speaking to conservatives and build on his base. He can run for office again in 4 years when Obama leaves.
Or challenge Romney in 2016, if he gets elected.
Whether ot not Obama is re-elected, Conservatives should work hard to get conservative Congressmen and Senators elected and re-elected in 2012.
If Obama manages to win, its critical we do. If Romney is elected, it will act as a check on any leftwards tendencies.