"Make of that what you will" – meaning of "will"

Make of that what you will or Do what you will

What is the meaning of 'will' in these expressions?

Here's some examples:

I have had my share of desires and goals, but my life has come to me or I have gone to it mainly by way of mistakes and surprises. Often I have received better than I deserved. Often my fairest hopes have rested on bad mistakes. I am an ignorant pilgrim, crossing a dark valley. And yet for a long time, looking back, I have been unable to shake off the feeling that I have been led - make of that what you will.
(Wendell Berry, Jayber Crow)

Do What You Will (Collected works of Aldous Huxley)

Wiccan morality is largely expressed in the Wiccan Rede: An [if] it harm none, do what you will. ... is usually interpreted as a declaration of the freedom to act, along with the necessity of taking responsibility for what follows from one's actions.

Here are two definitions of 'will':

v.tr.
1. To decide on; choose.
2. To yearn for; desire: "She makes you will your own destruction" (George Bernard Shaw).
3. To decree, dictate, or order.
4. To resolve with a forceful will; determine.
5. To induce or try to induce by sheer force of will: We willed the sun to come out.
6. To grant in a legal will; bequeath.
v.intr.
1. To exercise the will.
2. To make a choice; choose.

and:

aux.v.
1. Used to indicate simple futurity: They will appear later.
2. Used to indicate likelihood or certainty: You will regret this.
3. Used to indicate willingness: Will you help me with this package?
4. Used to indicate requirement or command: You will report to me afterward.
5. Used to indicate intention: I will too if I feel like it.
6. Used to indicate customary or habitual action: People will talk.
7. Used to indicate capacity or ability: This metal will not crack under heavy pressure.
8. Used to indicate probability or expectation: That will be the messenger ringing.
tr. & intr.v.
To wish; desire: Do what you will. Sit here if you will.

Which of these 'will's is meant? Is it short for Make or that what you will [make of it]? Or is it Make of that what you determine/resolve/induce my the force of your will?

Can it be used in other tenses? eg

They made of that what they would
They made of that what they willed

I want to make a distinction not well covered by the other answers. In your example definitions, we find two different (very different) sorts of verbs: v.tr and v.intr vs. aux.v. It's the same word shape, but the meanings are almost entirely separate (you can sort of see how the one led to the other, but this is not relevant aside from historical interest).

aux.v is the auxiliary, or modal will, when it is used to as part of a larger verb form, such as will be, or will have been built. This is not the word in question. Exclude all of these from your choices.

We are thus left with:

v.tr.
1. To decide on; choose.
2. To yearn for; desire: "She makes you will your own destruction" (George Bernard Shaw).
3. To decree, dictate, or order.
4. To resolve with a forceful will; determine.
5. To induce or try to induce by sheer force of will: We willed the sun to come out.
6. To grant in a legal will; bequeath.

v.intr.
1. To exercise the will.
2. To make a choice; choose.

or more simply:

tr. & intr.v.
To wish; desire: Do what you will. Sit here if you will.

Any of these may be applicable, depending on context, though some are more common than others (generally, the higher ranked are more common).

I choose this one:

To wish; desire: Do what you will. Sit here if you will.

Make of that what you wish.

And for past tense:

They made of that what they would

What is interesting, is that in German, wollen means to want to. First person and third person singular is will. I suspect our similar English usage goes back to a common past with the German, but it shows more clearly in the German and has been somewhat lost in English use.

One of Shakespeare's plays has the full title, Twelfth Night or What you Will, which is a way of saying,"the kind of comedy you like". Hardly different from the title of another of his comedies, As You Like It.

Will, as used there, can be translated as want, as it can in the example you posted. You could say make of that what you want or interpret that however it pleases you.