I think Brandon is (at least) partially wrong. The latest editor's draft of HTML5 (15 Aug 2011) says:
The type attribute gives the language of the script or format of the
data. If the attribute is present, its value must be a valid MIME
type. The charset parameter must not be specified. The default, which
is used if the attribute is absent, is "text/javascript".
So if you do not include a type attribute, the default value is "text/javascript". If that is the default value, it must be a valid MIME type.
What are the other valid MIME types? The spec doesn't seem to give an example list, but it does specify the required format when it says:
A string is a valid MIME type if it matches the media-type rule
defined in section 3.7 "Media Types" of RFC 2616
Which you can have the joy of reading here:
Edit: Quentin is right: For HTML5, there's no need to include a type attribute, assuming you're using Javascript.