Which file system do I select for sharing files between Windows 7 and Ubuntu 12.04.1?

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http://askubuntu.com – Presently in the install (USB stick) for 32-bit Ubuntu 12.04.1. Want to have dual-boot capabilities between Windows 7 and Ubuntu. Have partitioned hard drive with Windows System (sda1), Windows OS (sda2), Ubuntu (sda3 - with ext4 file system and a "/" mount point), swap (sda4) and need to know what file system to select for the remaining free space (storage) partition with a /home mount point? I presume it to be either FAT32 or ext4, yet I need to be sure that it enables cross-sharing of documents/directories with both Windows 7 and Ubuntu operating systems. Also, is FAT32 an NTFS type of (HowTos)