It depends on what you’re using it for. I hate to give such a generic answer, but it’s true. Generally, try to get the data type as specific as you can. If your strings will never exceed some upper limit of characters, then go with VARCHAR because it will be a little more efficient. If you need more space, go with TEXT. If you aren’t sure how much space your text will take up, you should probably go with TEXT; the performance difference isn’t very large, and it’s better to be future-proof than risk having to change it later when your requirements change. Just my two cents.
In the comments, Pitarou points out that, if MySQL creates a temporary table for your query (see this), TEXT columns will not be stored in memory and will have to be read from the disk, which is much slower. (Source, bottom of the page.) This shouldn’t matter for most queries, though.
In case anyone was wondering how PostgreSQL compares, I found this benchmark that shows that CHAR, VARCHAR, and TEXT all perform equally well. So if you’re using Postgres, it doesn’t matter what type you use.