Having a PR1 site is a start. You need to work on getting your site a higher ranking. Using different forums to promote your link. Get some back links from high ranking sites in your niche. Until you get these, I agree with aneel90 using google adsense is a great way to make money. But, you need to start getting traffic. Because even with Adsense, if you have no traffic then your income from the site is going to be very low or non existant.
Traffic is key to making money with adsense. Typical click-through rates are in the low to very low single digit percentages, so it's all about volume of traffic. You could also try affiliate marketing, which is more lucrative than adsense, but probably harder work as well. How much traffic do you currently get?
You can use Adsense or/and affiliate programs to make money from websites. But the main ingredient to the success is the amount of targeted traffic that you can get for your website. The more traffic you have, the more money you can earn.
try to search here in the forums, there is a lot of way how to make money online. Btw try google adsense.
Keep working on updates to your site from time to time. Reciprocate visits from your visitors and links on higher niche and work on traffic from any site who promotes traffic. Make sure that you have good inputs so that visitors will keep their visits.
Sell link at your website such as $5/month. Or you can use affiliate to earn money such as weight loss affiliate product
It's kind of an open question; are you doing anything now? The best two ways have been mentioned; Adsense & affiliate programs. At a PR 1, you'd be hard pressed to sell advertising yet.
I think the best way is to bring more traffic to this blog to get more unique visitors and try to sell some useful product through affiliate marketing.