Yes! Multiple choice!
Renee Gade and Renee Gade II loved to swim. So does my current paladin character. I mean swimming at a slow pace, dipping under the water for a few seconds and coming up for air. Ahh...nothing too strenuous. All of this assumes there's no slaughterfish around, of course.
Dyan phor a-Cauze (the paladin) loves reading. I'm finally learning about all the lore in Oblivion (slowly) because she reads more than any of my others. If it's Sundas and she's in a town, she'll also spend most of the day in chapel.
Wanda Bone the freed redguard slave (now deceased because I accidentally erased all her game saves) never truely felt 100% relaxed. She had a constant bounty while trying to dwell in the Imperial City (or under it). She'd occasionally do time in jail just to get some relief from this stress!
Her most relaxing activity (truth) was breaking & entering various rich-people houses. The moments when she'd manage to break into a house in sneak mode, the guests would all be asleep or whatever, THAT'S when she'd be at her most relaxed and peaceful. She wasn't one to ever get too complacent you see.
She (and therefore I) got good vibes while in sneak mode, even though our heart was pounding with adrenaline, if that makes any sense.
Igodah Go^Pe my high-elf wizard feels most relaxed when she's invisible! Sneaking around and and looting with a summoned creature doing most of her work.
She drinks mead lightly, and will spend a day or 2 at one of her houses while getting shopping (and other town-stuff) done. I guess that's about as relaxed as she ever gets! She used to spend nights in the most expensive hotels, too, before she actually had houses and was an Arch-Mage.
Finally, my newest character (Luci Pheria, the dark-elf country witch) is too new. I don't know what she does to relax (if anything) yet. All I know is she's currently & frantically scouring the forests looking for a place (preferably a cabin) to call home. Once she's found it, killed whoever's living there, I supposed that's when she'll finally relax.