I have completely stripped my bathroom and want to put everything on one circuit. One receptacle will be on the south wall and one on the north. The light switches will be on the west wall with one going to the overhead light/fan and the other going to the vanity light on the north wall. What is the best way to run this circuit? The breaker box is just below the bathroom.

If you don't have a window, you will also need an exhaust fan.
For your question:
I would use #12 from Panel to where switches go, from there, go to closest receptacle, from that receptacle to second receptacle, so 1 GFI will protect both. Then from switch box to Vanity, Vanity to overhead light.(you will need 2 switch legs)drop one off at vanity.
Then to fan from switches if required. Use an extension ring.
You can run separate wires to each light. (however you end up with more wires in switch box).