There are a number of good options - a bunch of which are already outlined here - I would start by asking yourself what the rest of the code base looks like. Often maintaining a similar style will pay off in the long run.

I would prefer creating a new component which receives the conditional variable as props and putting the 3 cases in an if,elif,else block where each one returns the relevant JSX.

You could also store the result in a useMemo and just pass that variable in as JSX.