Always turn towards the live engine terrain / weather / other factors permitting.
Its easier to roll out of a turn thats initiated towards the live engine than the opposite scenario. You want the live engine helping, not hindering roll out.
Edit: I stress this in a scenario where all other factors are equal. Many things must influence your decisions in this situation, and you must apply solid airmanship in this scenario. There can be no 'golden rule'.
As has been said, if you're low, assym, and its not looking good, pull them both back and treat it as a single engine engine failure.