If you have an extender, you can try the static progressive stretching described here:
Stretchers and Stress Relaxation
I think one hour of using the stress relaxation principle is better than 2 hours spent wearing your extender at a given length.
You should light weigths when starting again hanging for 1-2 weeks; after that you should use a weigth near to your previous top weight; the reason is, if have hung for a lot of time, restarting again and adding a little weight week after week will just make your penis stronger - think at it, what do you do when you want to reach an higher 3-reps max on the bench-press?
Instead, you want to cause some fatigue to your penis; so, after done hanging with a good weight, you can use the extender at a good tension (say 2+lbs) to prolong fatigue or at a very low tension (say 1/4-1/lbs), to help the recover and keep the elastic gains going: it’s your choice.
Be cautious and remember: these are just my personal thoughts. Listen to some other advices and then make your decision.