I use a sharp wood chisel and slide it parallel to the wood to shave off the drips. Then I sand it if it's obvious. I use the chisel because I like it, not because it's "the correct tool".

You can also use the popular 5-in-1 painter's tool, or a flexible putty knife to knock the top of the drip down to where sandpaper can do the rest. If you sharpen the blade part of the 5-in-one they can remove a lot of drips in a hurry.

Razor blades are harder to control, but they can work well too.