This mainly depends on how you want to texture it.
You might want to keep parallel lines for an easier texturing with a straight pattern, so JMYoung's solution, or ZacD (i think there wud be a lot of stretching there), or might want less stretching, more constant pixel ratio, then Thunderent's solution.
mmh take look at this thread !
http://www.polycount.com/forum/showthread.php?t=61005
I'm not sure indeed that a tiled texture is the best answer for that kind of object, because obviously, the relax is the best way to have no stretching, but again, it depends of what you wan t to achieve.