The Lindblad Master Equation is a generalization of the Schrodinger Equation for open quantum systems, given by
$$ \frac{\mathrm{d} \rho}{\mathrm{d}t} = -i \left[ H, \rho\right] + \sum_k \gamma_k \left( L_k \rho L_k^\dagger - \frac{1}{2} \left\{ L_k^\dagger L_k, \rho \right\}\right) = \mathcal{L}(\rho) $$ where $\rho$ is the density matrix describing the state of the system, $H$ is some Hamiltonian, and $L_i$ are the jump operators. All of these objects are of size $N \times N$ where $N$ is the Hilbert size of the system.
Question: Assuming that everything is time-independent (constant Hamiltonian and jump operators), what would be the fastest numerical method to solve this equation? More specifically, starting from a known initial density matrix $\rho_0$, how can I get the density matrix at time $t_f$, $\rho(t_f)$?
Starting point: I already know of two possible methods.
(1) Computing the complete Lindbladian propagator, i.e. $\Lambda(t_f) = \exp(t_f \mathcal{L})$ and then doing the simple superoperator-matrix product $\rho_f = \Lambda(t_f) \rho_0$. However, $\mathcal{L}$ is a superoperator of size $N \times N \times N\times N$, so computing its exponential does not seem numerically very fast.
(2) Making some Kraus operator propagation, i.e.
$$ \rho(t+\mathrm{d}t) = \sum_\nu M_\nu \rho(t) M_\nu^\dagger $$ where $M_\nu$ are the Kraus operators, given by $$ M_0 = I - \mathrm{d}t \left(i H + \frac{1}{2} \sum_k L_k^\dagger L_k\right) \quad \text{and} \quad M_\nu = \sqrt{\mathrm{d}t} L_\nu $$ which is a trace preserving method up to second order in $\mathrm{d}t$. The good thing about this is that it only requires matrix-matrix products. However, we do need to take sufficiently many time steps, and thus perform quite a lot of matrix-matrix products.
Is there any known fast method for such problems?