Burbot are more active at night. Targeting them before dusk is challenging. Preferred lure is a glow jig with a stinger and bait or a big hook and bait. We usually use larger minnows, herring or mackerel chunks. They are more often on the bottom than suspended. Burbot are fish eaters primarily, and it is an often overlooked fact that in many fisheries are at the top of the food chain.
Burbot are broadcast spawners who do so under the ice, often during the day on shallower flats. If you can find their spawning aggregations starting later in February you will have great success.
An active jig will usually out produce a static bait because the sound helps them locate the offering.
If you've got time to kill, throw a couple baits down with some buddies and pull an all-nighter.
Interesting facts about burbot (Lota lota): they have a circumpolar distribution, meaning they occur in russia too; burbot are the only freshwater species of cod; burbot have a huge triangular shaped liver that is full of fish oil high in vitamins A and D.
Slice the liver into thin pieces and dry fry it on med-high heat. The oil will come out and fry the liver. Put it on a cracker with a garnish of your choice and enjoy. I like mine fried until it's crispy.
A side note: Burbot are an untapped resource in some fisheries and you can find very large individuals if the pressure on them is low. If you get a big one and it looks old, do yourself a favour and release it in preference for a smaller fish (4-8lbs). Some of those old fish have very mealy flesh which is gross and disappointing. Cloudy eyes seem to be a good indicator of old age second to looking like a meter long salamander.
Of course, follow all the fishing regulations that apply to your area.
Good luck, burbs are awesome beasts.