Which license should be chosen in arXiv for a paper to be published in Elsevier?
How to add another Creative Commons license to an arXiv paper:


  We currently support three of the Creative Commons licenses. If you wish to use a different CC license, then select arXiv's non-exclusive license to distribute in the arXiv submission process and indicate the desired Creative Commons license in the actual article.


From the arXiv webpage about licenses.

How to indicate the desired Creative Commons license according to Elsevier:


  Elsevier requires authors posting their accepted manuscript to attach a non-commercial Creative Commons user license (CC-BY-NC-ND).  This is easy to do. On your accepted manuscript add the following to the title page, copyright information page, or header /footer: © YEAR. Licensed under the Creative Commons [insert license details and URL].


From Elsevier's sharing webpage.