Set it according to what your system's HDD controller says it supports. The original was just called SATA, sometimes now labeled SATA 1.5 Gb/s. The newer is called SATA II or 3.0 Gb/s. If your system does not say SATA II or 3Gb/s, chances are it is the older system. If you know, set it that way. If not, you can try SATA II (3 Gb/s) and see if there are problems. If yes, change back to the slower setting.
How to set? On a SATA drive this is the only jumper on pins. Many arrive from supplier with one jumper on a pair of pins to set the drive to the slower 1.5 Gb/s rate because that always works. If you know is should be set to 3 Gb/s (or just want to try), simply remove the jumper and save it (just in case you decide to put it back).