In this case the option to go is "Simple Volume", it will threat all the space on that big "drive" as a single volume.
Keep in mind that Windows* disk manager does not see this as a RAID 5 or any other kind of structure, it only sees one big logical drive. Hence the need of using this as a dynamic disk.
More details on the functions of each of these options are available at:
http://technet.microsoft.com/en-us/library/cc737048(v=ws.10).aspx