Another great way to lift the bike is to insert a rod or rods (one on each side) into the swing arm pivot shaft (it's hollow) and support them on jack stands. This way it's all out of the way of the rear end and is very stable.
I did the flip the pegs and use jack stands trick. Me and a friend just picked up the rear and kicked the stands under. It was a little sketchy for a moment, but once it is on the stands it is rock solid.