You'd be able to answer that question better than anyone. Listen to artists you wish you could play like, and listen to the technique involved in a particular riff or portion of solo that really inspires you. Then use exercises to drill that technique.
Personally my routine looks like this:
When doing all exercises I use the metronome technique described in the "Right Hand" portion of speed mechanics. (start 20bpm lower than your max speed, jump up 2 notches, back down 1, etc.) I'll run though a few alternate picking exercises, and then finger independance (hammer ons/pull offs). This usually takes about an hour+. I'll then move onto learning a song with emphasis on rhythm. Currently I'm using Total Rock Guitar (also by Troy) for this purpose, along with the track Stadium Arcadium (by the Red Hot Chili Peppers) which I chose because its helping develop arpeggiation, and moving from strumming to picking chords without losing the rhythmic flow. Try not to pick just any song you'd like to learn. Pick one you like, but also because it highlights problem areas in your playing. I usually do this for about an hour. Then, I've usually regained enough focus to move back to drills. This time, ones I find hardest since I'm warmed up. For me this is trills, vibrato, and more finger independance. This tends to last about 45 mins since trills really wear my hand out. Finally I end it by putting on some music and jamming over top. I do this to remind myself that playing guitar isn't about technique drills, its about playing music and letting loose with emotion. I don't put any time constraints on how long I do this so it can be 10 mins or 2 hours.
That ran a bit long, but overall make sure to add variation in your practice to keep yourself from burning out; but make sure that everything you practice has some reason behind it (a james brown tune to help 16th note strums, trills to get some hendrix flavor, etc).
I think most important is to always allow time to just jam with some recordings. Just let loose and try to get what you're feeling expressed on the guitar. If you find yourself getting better at doing that, you'll know you're practicing the right stuff. If not, re-evaluate what you're practicing.
Edit: It sounds like this is something you understand, but it's important enough for me to say just in case (and for others reading). Reducing muscle tension is the number one skill to improve all areas of your playing. Make absolute certain that you include practice time at a speed where you have the ability to stay relaxed for the entire drill. Of course when you start pressing against your max speed you will tense up; but you must practice being loose, it won't happen on it's own.
I can't get into the mindset for very long either. With that non-stop click...click...click... of the metronome....
