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Some of the options that we have for open source licenses are the following1 - Creative commons2 - FreeBSD3 - MIT license4 - CERN OHL5 - TAPR OHL
The license should permit commercial use - others will be able to use the source files for commercial reasons. Non commercial license will render the project useless. Others will not be able to build on our work. More info here - http://www.oshwa.org/faq/#noncommercial or http://www.ladyada.net/library/openhardware/license.html
Also ideally the license should be copy left. Copy left means that any derived work from this project should also be open source under the same license. This means you cannot create a proprietor work on top of this project. If you create something it should be under same license. Not 100% if we should have copy left. I prefer copy left.
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This issue was opened 2 months ago