The To header should be the AOR whose registration you're connecting. Usually, that means the To header has the same URI as the From header.
In this case, it should thus be <sip:[email protected]>.
EDIT: viraptor and I are working from different assumptions. I didn't assume a "normal" SIP setup. (I didn't assume anything, and I can see setups where my answer above's perfectly acceptable. However...) So, if your UA's sitting on 192.168.1.42, your registrar+proxy's sitting on 192.168.1.1 internally, and it services the example.com domain, your REGISTER would have
which would allow calls to <sip:[email protected]> to end up at the SIP UA sitting on 192.168.1.42.
RFC 3261 section 10.2, at the bottom of page 56 and top of page 57:
To: The To header field contains the address of record whose
registration is to be created, queried, or modified. The To
header field and the Request-URI field typically differ, as
the former contains a user name. This address-of-record MUST
be a SIP URI or SIPS URI.
From: The From header field contains the address-of-record of the
person responsible for the registration. The value is the
same as the To header field unless the request is a third-
party registration.
EDIT: The asker's question is about a particular setup. In general, your address of record ("who you are") won't have an IP address: <sip:[email protected]>, not <sip:[email protected]>. The asker's setup is particularly strange, since the AOR's not globally routable (192.168.0.0/16 is a private network block).
An Address of Record is a logical identifier of a "person". It says who you are. A Contact URI says where you are. A registrar provides a location service to a SIP proxy. That is, a proxy says "how can I contact this AOR?" and the location service (which may or may not be a registrar!) says "at this address, on this port, using this transport". The registrar allows SIP UAs to maintain this AOR/location table, as opposed to an administratively configured location service. It's thus highly unusual to have an IP address in a private address range as an AOR, because nothing outside your LAN would know how to reach you.