Bryan Hoch reports that A-Rod has gone for the "hybrid" option. From the Times:

The limited surgery would probably sideline Rodriguez at least four weeks and may allow him to play most of the season. But he would still need a more involved procedure at a later time to fix what caused the tear.

This limited surgery will sideline A-Rod for 6 to 9 weeks, meaning that he'll be back in April or May, as opposed to July or August, which would have been the case with the full surgery. After the season, he'll have the rest of the work done.

Dr. Philiipon, the Vail, Colorado doctor who will perform the operation, said that he is 85-90 percent sure that A-Rod will not suffer a setback this season, following the initial surgery.

Via Ben.