I drain it. On my F115, I can tilt the motor all the way up and pull the drain plug without much oil coming out. Then I lower the motor catching the oil in a funnel with hose to a pan. I still usually spill some.
I've also heard of guys threading a pipe fitting on a hose into the drain hole with the motor up. Then you don't even have to deal with the funnel. I might try that this season.