You asked in a follow-up: "BTW between 'oh my god' and 'oh my God'", which one would you use?" I would only capitalize the G and spell it "oh, my God"--probably with a comma after "oh"--if the words were spoken seriously in a state of strong emotion, a state of horror and despair:
"In an online video montage called 'September 11, 2001 — As It Happened,' the voices say, 'Oh, my God.'"
When used casually I would probably write it as "ohmigod." That is, I would probably write "OMG stands for 'ohmigod.'"
If I did decide to write "OMG stands for 'oh my god'" I would not capitalize the g.