(IANAL)
I think the short answer is
- There are bits that ship with VS2010 (e.g. compiler, IDE, ...). They're subject to the VS2010 license, which is presumably somewhat restrictive.
- There is the F# Runtime (FSharp.Core.dll), which is a redistributable package. You can e.g. chain it into the install/setup of your own app.
- There is the F# CTP. It essentially contains the same bits as the VS release, minus the VS IDE support. It also has source code. It's under the MS Research license, which is less restrictive.
- There is the PowerPack, a library with source, I forget what license it has.
- In the future, there may be an open-source release of the compiler, which would be like the CTP, but with an even more permissive license (the kind of license the FSF folks like).
In general, with each download, there should be an accompanying license which you can read.
EDIT
(November 4, 2010) Now the F# compiler/runtime source is available under the Apache license, see here:
http://blogs.msdn.com/b/dsyme/archive/2010/11/04/announcing-the-f-compiler-library-source-code-drop.aspx