The options correspond to the various partitioning systems supported in libparted; there's not much documentation, but looking at the source code:
aix provides support for the volumes used in IBM’s AIX (which introduced what we now know as LVM);
amiga provides support for the Amiga’s RDB partitioning scheme;
bsd provides support for BSD disk labels;
dvh provides support for SGI disk volume headers;
gpt provides support for GUID partition tables;
mac provides support for old (pre-GPT) Apple partition tables;
msdos provides support for DOS-style MBR partition tables;
pc98 provides support for PC-98 partition tables;
sun provides support for Sun’s partitioning scheme;
loop provides support for raw disk access (loopback-style) — I’m not sure about the uses for this one.
As you can see, the majority of these are for older systems, and you probably won’t need to create a partition table of any type other than gpt or msdos.
For a new disk, I recommend gpt: it allows more partitions, it can be booted even in pre-UEFI systems (using grub), and supports disks larger than 2 TiB (up to 8 ZiB for 512-byte sector disks). Actually, if you don’t need to boot from the disk, I’d recommend not using a partitioning scheme at all and simply adding the whole disk to mdadm, LVM, or a zpool, depending on whether you use LVM (on top of mdadm or not) or ZFS.