Depends. I had the option of keeping it where it was, and rolling it over. If I had had less than 5,000 in the fund, I would have been required to either cash out or do an IRA rollover. That was a condition of that particular plan document.
Completing the rollover process ultimately took over a month, with forms to be completed by both the former employer and myself. If you do the rollover now, it may expedite cashing out when you finally do so, at whatever.
Cashing out could also be an option. Withdrawals are taxed as ordinary income, unless you are in a Roth plan. If you anticipate higher income in the future, or higher tax rates at the time of withdrawal, it might be to your advantage to take the money and pay taxes now. If you are not 59 1/2 years old, the penalties on this option would be prohibitive, from a practical standpoint.