Wouldn't you like to use the drive with BOTH computers and avoid all these formatting activities?
Buy Paragon HFS+ For Mac, link below. If the drive is formatted NTFS, you can enable OS X to use it fully (read & write files) for free. (See the last paragraph below.)
To format in Windows....
Right-click the Start menu and choose "Properties". Click the "Customize" button, and put a check for "Display Administrative Tools".
Next, Start > Programs > Administrative Tools > Computer Management
-- On the left, under "Storage", select "Disk Management".
-- Click on the drive to select it.
-- Remove the partition, link below explains how.
-- Add a new partition, link below explains how.
-- Under the "Action" menu, select "All tasks" > Format. Choose NTFS.
To use NTFS drive volumes as read-write in OS 10.7 or later...
-- Download and install OSXFuse, link below. You must install this first.
-- Download NTFS-3G, link below.
-- Mount the NTFS-3G image, but do not install--It has two packages inside, and will try to install the defunct MacFuse first, which would fail. Instead....
-- Right-click the "Install NTFS-3G.mpkg" file, and choose "Show Package Contents".
-- A new Finder window will open. Change the view option to list or columns.
-- Navigate to Contents > Packages.
-- Open "NTFS-3G.pkg" and install.
EDIT:
In response to that "Format FAT-32" answer, DO NOT EVER format any large drive volume FAT. As Microsoft clearly states, FAT file systems are for small drive volumes only. FAT has a small number of clusters per volume, so the cluster size grows to enormous size on large volumes, wrecking efficiency.