New Simple Volume is what you want.
Once you select that. you can choose whether you want to partition the drive. If not, just click next as it will default to the largest size.
After that, you can assign a drive letter. Default is the next available letter alphabetically, but you can choose a different one.
Then you format. Since you're just talking a 120GB SSD you can go with the default, so click next.
It will show you an options page with the settings you...