How do you deal with a boss that acts like a child?

I worked at Executive Business Suites for 2½ years and a family took over the company last July and put the youngest daughter in charge (voila-my new boss). She is 37 but acts 14. It is a professional office, but she treats it like a playground. She’s loud, doesn’t want to learn how the company works, talks on her cell phone and is on Facebook all day. When important matters come up she shrugs and says to take a message. I have tried to confront her about this, but she blows up at me each time and then starts lying about random issues.

I figure my only options are to: A) Do my job and slowly start to take over her responsiblities. B) Keep bringing up the subject and getting my head bitten off or C) Find a new job- for which I am looking.

I am open to any feedback.