I use a product from TAP Plastics. Made by Novus, this three-stage kit contains three bottles (8 fluid Oz each). #3 Is the Heavy Scratch Remover, #2 is the Fine Scratch Remover and #1 is the Plastic Clean and Shine. If it's a common lens though, it would be cheaper to buy a UCL from Flashlightlens.com.
Getting back to polishing, use either a clean cotton cloth or a very low speed buffer (with the appropriate buffing wheel). Buff lightly, and keep checking your results. Don't use a non-variable speed Dremel or any other high-speed device because you will wind up melting the lens.
Again, ordering an Ultra Clear Lens from Flashlightlens.com is the economical route to go and you will find you won't need to buff your lens since it's glass.
Update, don't use on coated or polycarbonate plastics!