The gang at Wilson Sonsini have created a very interesting term sheet generator. In addition to its practical value, it is also an interesting educational tool. If you are an entrepreneur or a new VC, it goes through all of the key term sheet elements in very specific details with the most common option highlighted and explanations for most. Definitely work a look. Be forewarned that it takes a bit of Q&A to get through it as it asks about all the key elements.
Click here: Wilson Sonsini Term Sheet Generator