Depends on when it was made, currently all .223s are 1:9", they started making them 1:9 last year with the fluted Ultras. If it was made last year or before, it's a 1:12", second letter of the frame serial number V=2005, W=2006. The best way to find out is to check it, you can find instructions in the FAQ and Help sticky under twist rates.
The 1:12" barrels like 55gr and less with some exceptions, the 1:9" don't seem to make much difference up to a limit. The Winchester whitebox 45gr JHP from Walmart at $14 for 40 shoot about as good as you can ask once the bore is broke in.
Tim