First, try to avoid it, that would be my natural reaction and the safest course of action Second (if the pothole is unavoidable), slow down. Stand up slightly with your knees bent on your pegs, they will act as shock absorbers. Upon overtaking the pothole, accelerate slightly and smoothly. Regain your normal riding posture and smoothly increase your speed after you ride over the pothole. If swerving is not an option, attack this and every obstacle at a straight on or 90 degree angle if possible. This will help you avoid a nasty loss of control if a wheel gets snagged. The point of accelerating is to trasfer weight and, in turn, grip to the rear wheel and lighten the load on the front wheel, thereby lifting it up slightly. Some people will tell you to lift by your arms, this will not cause as much lift and is very potentially unstable to steer like this. You want to be as solid as possible.
Motorcycle Safety Foundation materials (www.msf.com);