Actually, the question is not quite as cut and dry as it seems.
The typ reply is that you are not running old IBM O/S, so leave it "non" - default.
However, OS/2 has been "updated" to various Warp versions to the current latest ecomstation
http://www.ecomstation.com/
with which you can dual boot.
The next point is that is often mentioned is since you are not running O/S2 or variant, it really doesnt matter what you set it to in bios.
However, NON OS/2 means using an O/S2 install with LESS than 64MB of RAM which is, of course, no one today. If you try to install old O/S2 on mobo with 512MB ram and set non O/S2 in bios, it may take all morning.
In other words, one can install OS/2 with either non OS/2 or OS/2 depending on your amount of ram relative to 64MB. Note that when O/S2 came out 64MB RAM was a bunch.
Further complicating things is that this setting does seem to effect XP also, since many overclockers report higher FSB capabilities with OS/2 "ON". The O/S2 bios setting is all about RAM handling.
And very strange setting it is - lol
http://www.os2bbs.com/os2news/OS2History.html
Edit: I forgot to say - I always leave it "on" or "OS2" or >64MB for old mobo.