Most painters are going to water based, because of easier cleanup and improved formulas. They now last (nearly) as long as oil and are pretty much easier to apply.
Regardless of which paint you use, make sure that you prime it with a good primer. Your first coat is the most important, as any recoating down the road will rely on the base coat. Make sure that you sand (perhaps - might not have to with OSB), but definately clean it with something like TSP. Surface prep is the absolutely most important part of painting.
Having said that, and having done painting professionally, I still think that oil provides a better finish - it certainly sets up faster, as latex (water based) will take up to a couple of weeks to cure hard.
But I'm painting pretty much the entire interior of my house and am using latex. My living room is 30x30 and if I'd tried to use oil I'd probably have shot myself /forums/images/graemlins/laugh.gif, especially when cleaning up.