You sure there is only an option for NTFS? I don't know if it matters but what is the make and model of your hard drive so I can check out the man pages for it.
How to format a basic volume
To format a partition, logical drive or basic volume:
1. In the Disk Management window, right-click the partition or logical drive that you want to format (or reformat), and then click Format.
2. In the Format dialog box, type a name for the volume in the Volume label box. This is an optional step.
3. Click the file system that you want to use in the File system box. If you want, you can also change the disk allocation unit size, specify whether you want to perform a quick format, or enable file and folder compression on NTFS volumes.
4. Click OK.
5. Click OK when you are prompted to format the volume. The format process starts.