None of the above. First thing to remember is that Ashe is never going to be 'bursty' like Corki or Lucian. But you CAN abuse that Volley cooldown.
With whatever AD item you think fits best. I like Trinity rush, followed by CDR boots and Brutalizer (Vamp Scepter if no sustain support), Infinity, finish Ghostblade, finish Reaver. Run the 5% CDR mastery for 40%. Run armor pen Quints and AD Marks. This, along with your offence masteries, will give you enough pen to kill anything that isn't stacking armor just fine.
The basic strategy is spam Volley in fights while auto attacking. Use Ghostblade for the move speed to kite and the attack speed to murder whatever you need to. Use your ult whenever you feel like it, because 40% CDR is beautiful with it. When you are going for a 'burst combo' on someone, you: Ult-Ghostblade active-TrinityAuto-Auto-Volley-TrinityAuto-Auto-Hawkshot-TrinityAuto-Auto-Volley-Trinity Auto. 4 Trinity procs in the minimum possible time. And the enemy is stunned for the first few hits, letting you crush other ADCs in 1v1s if you land ult.
Now, your sustained damage is comparatively poor with this build, as you only have high attack speed for the duration of Ghostblade. You also lack the Pen and %hp damage to kill tanks. The advantage of this build is that you have a strong early game spike when you finish Trinity (Similar to Corki), so you don't have that normal period of being terrible that Ashe has. Your CDR lets you throw out more ults than normal on Ashe, which can equate to more picks and more objectives for your team. The Volley spam and increased burst makes you much better at the Poke-ReEngage style play, but worse at standard bash into each other.