I've been playing for a good few years now, but whenever I try to practise my technique(mainly talking about alternate picking and hammer-ons/pull-offs here), I never really know how to go about it...should I play chromatics every day at a certain tempo for a certain amount of time, should I take licks from songs and play them every day at a certain tempo, should I do a variation of exercises every day, how long should I practise each exercise? I could use a bit of guidance...what do you guys do to practise your technique?

Thanks in advance
Curses...i have nothing of interest to write in this here place.
If you're looking for a way of improving purely the technical side of your playing, you should take a gander at ZeGuitarist's Ultimate Guide to Guitar. He's got plenty of exercises there and you should essentially just find a tempo on the metronome that you feel 100% comfortable with playing each exercise (tempos will differ depending on how easy you find an exercise) and just do each exercise for several minutes, then move on. Once you can consistently play an exercise at a certain tempo, up it by 3 - 10 beats per minute and practise at that speed for a bit.
You'll like some exercises more than others, and that's cool. There's no need to play every exercise every time.
Sorry for having said exercise so much too :P