If you are running Premium or higher (which you must be if you can do code reviews) you can use the My Work area of TFS (under Team Explorer) to put your current work on hold before carrying out the code review (which performs in the same way as 1 below) by choosing suspend, when you have finished with the review you can then restart your work which will reset your IDE to the state it was in when you paused your work.
An example of the developer workflow for code reviews and suspending work can be found on MSDN Here
The code review will contain the code in a shelveset, in order to execute code locally it will need to be downloaded to your workspace.
If you were performing the same task without the suspend Feature of my work, you could mimic the behaviour in 2 ways
- Shelve all of your current changes / neutralise your workspace before begining the code review
- Create an alternative workspace and use this for code reviews, this will leave your normal workspace in its current state.