I would probably get Hydra first, then Cleaver. You get more use out of Cleaver when your targets have higher armor, which isn't till mid-late game. Hydra also lets you farm FAST, so by rushing it you can get your other items faster.
Brutalizer isn't that bad an item even if it goes into youmuu's only, panth falls off megahard later anyway and youmuu's isnt the worst thing in the world for panth. If it makes it to the point where you need a more efficient item slot you can always sell it too.

Probably
Tiamat ->
Black Cleaver versus anyone that's going to rush armor in lane (tanks and bruisers, maybe
Seeker's Armguard is enough to justify it).
The Brutalizer should still be strong vs squishier champions that are going to build damage, like
Riven.






Thanks to Jovy for the sig!
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So, what do people recommend nowadays?
Hydra -> Cleaver?
Hydra -> Tank -> Cleaver?
Phage -> Hydra -> Cleaver?
Phage -> Hydra -> Tank -> Cleaver
I know in the jungle a good choice is Cinderhulk into Cleaver. What are people's advice?