Used when someone is hesitating on a decision and considering another option. I was about to paint the room blue, but on second thoughts, green might be better.
Pro Tip 2/3
Casual Tone
The phrase often has a relaxed, informal tone and is used in everyday conversation. Let's go out for dinner. Although, on second thoughts, let's just order pizza.
Pro Tip 3/3
Decision Revision
Implies that the speaker has thought more deeply and wants to change a previous decision. I'll take the job offer. But on second thoughts, I value my free time more.