My favorite type of meditation is mindfulness based meditation, but within that context I have several different methods that I like to rotate for variety.
However, my most favorite method only takes a couple minutes to achieve relaxation and inner peace. Here are the steps:
I lie down or sit in my chair.
I close my eyes.
I take a deep breath in through my nostrils from the abdomen, not the chest. Then breathe out very slowly and controlled through the nostrils. Repeat several times.
Then I put my focus on my right hand and become aware of each of my fingers. I outline the length and width of my fingers with my mind's eye.
Then I put my focus on my entire right hand.
Next, with my eyes still closed, I look straight ahead as if I am looking through a hole in the middle of my forehead.
Then I take a very deep breath through my nostrils, from the abdomen and then push the breath through the hole in the middle of my forehead and then focus on my right hand simultaneously.
I continue to breathe deeply and slowly through the nostrils until I'm ready to get up.
Voila, I'm relaxed and at peace.
This whole process can be achieved in just a few minutes, or you can extend it however long you like.