Choosing the right field data type in SQL Server 2008
You should use varchar(max). The text data type "will be removed in a future version of Microsoft SQL Server."

Related on SO Using varchar(MAX) vs TEXT on SQL Server


  The basic difference is that a TEXT type will always store the data in
  a blob whereas the VARCHAR(MAX) type will attempt to store the data
  directly in the row unless it exceeds the 8k limitation and at that
  point it stores it in a blob.