A bullet needs to spin around a linear axis to be stable in flight. The rate of twist is expressed as 1 full turn to X number of inches or in the case of a 1 in 10 twist, it would be expressed as 1:10. This rate of twist in a rifle barrel determines the rate of spin induced to the bullet. To determine the actual spin induced to the bullet you multiply the velocity by the rate of twist and divide by 12. In the case of a bullet which esxits a 1:10 barrel at 2700 fps the calculation is:
2700X10/12 = 2250 ### (revolutions per second)
The length of the bullet determines how fast this spin must be. If we have two bullets of the same caliber and weight, the one with the flat base, flat nose and parallel sides will be shorter than the bullet that has a long sharp nose, and a boat tail. Conversely if we have two bullets of the same caliber and shape but different weights, the heavier bullet will be longer. The shorter bullet will stabilize with less spin than the longer bullet. The Greenhill formula is a simple way to determine the rate of twist you need to stabilize a given bullet.
Twist = 150 X D2/L (150Xdiameter squared/length)
Where:
D = bullet diameter in inches
L= bullet length in inches
150 = a constant
Roughly 30% of the energy created by the propellant gases is needed to impart spin on the bullet. If we did not need to spin our bullets we could achieve much higher velocity with the same pressure. Therefore, generally speaking, the faster the rate of twist, the greater the detriment to velocity. If you have two 30 caliber barrels of equal length, one with a 1:12 twist and the other with a 1:8 twist, if identical loads are fired from both barrels, all things being equal, the 1:12 barrel will produce higher velocity than the 1:8 barrel.
Any given twist will stabilize a broad range of bullet weights (lengths). Consider two 30/06 rifles. The 1:10 barrel will stabilize all 30 caliber bullet weights from 100 up to 220 grs. A 1:12 barrel will stabilize all the light bullets, but shoot a 200+ gr match bullet and that the bullet will yaw badly as it hits the target. A 1:8 twist barrel is needed to stabilize the very long 240 gr Match Kings, but the 1:10 barrel will stabilize the shorter 240 gr Woodleigh big game bullet.
Speaking of game, the rate of twist can dramatically effect the bullets performance on game. Those who shoot varmint rifles, particularly in populated areas need bullets that will break up when they hit the ground without ricocheting. A bullet from a fast twist barrel will break apart much more quickly than from a slow twist barrel. I found that Sierra Blitz and Hornady SX bullets would often not even make it to the target when fired from my 1:7 twist barrel. Naturally varmint sized game is badly torn up when such bullets connect, and while the kill is humane, pelts would be badly damaged. On big game a fast twist has a different effect. The amount of penetration of a game bullet is effected by a phenomenon known precession. Precession is the amount of torque imposed on the bulllet when it hits a game animal. The faster the spin of the bullet the less effect this torque has, so the deeper the penetration.
As you can see there is no best twist. You must decide what your rifle/bullet combination is for and choose the appropriate bullet and twist accordingly. It can either be complicated or simple. Target shooters prefer to have the precise twist for their favorite bullet weight, but the rest of us can get by with a twist that will stabilize a broad range of bullet weights.