What is the most efficient way to draw voxels (cubes) in opengl?

What you're looking for is called instancing. You could take a look at glDrawElementsInstanced and glDrawArraysInstanced for a couple of possibilities. Note that these were only added as core operations relatively recently (OGL 3.1), but have been available as extensions quite a while longer.

nVidia's OpenGL SDK has an example of instanced drawing in OpenGL.

Drawing voxels with cubes is almost always the wrong way to go (the exceptional case is ray-tracing). What you usually want to do is put the data into a 3D texture and render slices depending on camera position. See this page: https://developer.nvidia.com/gpugems/GPUGems/gpugems_ch39.html and you can find other techniques by searching for "volume rendering gpu".

EDIT: When writing the above answer I didn't realize that the OP was, most likely, interested in how Minecraft does that. For techniques to speed-up Minecraft-style rasterization check out Culling techniques for rendering lots of cubes. Though with recent advances in graphics hardware, rendering Minecraft through raytracing may become the reality.

First you really should be looking at OpenGL 3+ using GLSL. This has been the standard for quite some time. Second, most Minecraft-esque implementations use mesh creation on the CPU side. This technique involves looking at all of the block positions and creating a vertex buffer object that renders the triangles of all of the exposed faces. The VBO is only generated when the voxels change and is persisted between frames. An ideal implementation would combine coplanar faces of the same texture into larger faces.