I'm utterly confused: should I hang around?

I have a problem with this guy I really really like.
We used to work together last year and flirted a lot and became good pals. We have been having a 'on - off relationship' for the past 6 months and it keeps on going that he's so awsum and things look like they're finally progressing then he goes 'cold' and then im left wondering what happened. He shows all the signs of being really interested, then next time I see him he's distant and kinda ignores me.
I am good friends with his friends and they keep telling me that he constantly talks about me and how interested he is and the 'issues' he is having is that he is not too sure what he wants, he's scared of getting hurt (he was envolved in a very long relationship where they got engaged and then the gal left him for his best mate), doesn't want to ruin our friendship if the relationship doesnt work out, and then feels scared. They all tell me to hang in there and give him some time.
He is really shy guy and does try (on the good days) and then all of a sudden gets distant. I have been direct and asked and been really patient with him. I am at my witts end and unsure if I am getting Buggered around or used as a sloppy second when he doesnt have anyone else to keep him entertained. I have tried to 'move on', but then he gets all cute and cuddly and says he 'wants to give it a bash' then gets distant a day later. He has asked me to be patient and wait, and has apologised and knows that he is buggering me around, and explains that he's got stuff to sort out in his head first, but in getting tired of not knowing exactly where I stand and getting tired of the issues. Am I a sucker for punishment, or am I getting pushy and making him feel presurised (and making the situation worse) by nagging him to make a decision? must I hang in there and be supportive and give him space or be there and ignore his issues and hang around. Give it No Go and move on? I dont know what else to do and what the next step with him would be.
Please help!

Are you really utterly confused? The situation seems clear to me. You are into a guy who is not sure what he wants. Both he and his friends have made this impossibly clear to you. Only you can answer this question whether or not you should stick around and wait. That's your choice, solely.

Personally, I couldn't stand dating someone who brought their past pain into their relationship with me. I tried to only date guys who knew what they wanted and were in an emotionally comfortable place. Hand-holding some dude into healing and feeling better over the woman before me in the hopes that maybe one day he will start treating me with with repect and decency was never my cup of tea.

It's all about what you're willing to do. Do you want a man who is 'afraid' and 'doesn't know what he wants' and 'isn't sure' about anything, who wants to 'have a bash' with you and get all cuddly and cute only when you've finally had enough of his indecisive behavior? Not me, I'd check out faster than if I was in a roach hotel.

It's so much better to be with a fun, confident and stable guy who will buy me a coffee and walk me in the park while stopping to kiss me by the lake every 10 seconds and tell me I'm the hottest thing alive.

If you really like him and he really likes you, stick in tere. it could be worth it, whereas if you bail you could miss out. I reckon hes genuinely afraid. It's a really painful thing to be dropped like that, so he's not sure. Be there, support him, tell him you won't do that to him, but only if you know you won't. don't just give him too much space, try to get him to talk, because he probably actually want's to talk and doesn't know. I've been there. Give him a chance. I hope you don't regret it. Basically, follow your heart, because it can't lie to you but your mind can. Best of luck

thanks for the advise,, its hard when it comes to the whole 'should I, or shouldnt I'
I know its got many cons, but at the same tiem I think of the pro's.. suppose it would be better to go out 'fishing' and then see where the river takes me.

thanks again for your advise!

I think that if you really like him and you think he likes you then you should ask him out