What should I do?

First of all, think back to the reason you guys' broke up in the first place? Is that problem resolved between you two? Or has the person changed for the better? Also are you both really ready to work on the relationship TOGETHER as equal partners? Otherwise you will just be repeating past mistakes and you will struggle with the relationship and potentially ruin your great friendship in the end. If all things add up to a positive than I say, and ONLY then should you go for it. If you are too nervous I would do it on the phone, never do anything on myspace it's so impersonal. If you have the guts though, ask him to go for a walk with you and tell him your feelings, and what you would like to see happen. Explain that you've thought things through, the reason the relationship had failed the last time and that it is fixed, and you want to know how he feels about you. I hope things go well, whether or not you are with him in the end. Good luck.