null if you want the database to allow the relation to be null, blank if you do not want the Django site administrator complaining that it is null.
From the documentation for "blank":
"Please note that this is non-zero. Null is purely database related, while empty is purely related to validation. If the field is empty value = True, validation at the Djangos admin site will allow you to enter an empty value. Has empty = False, the field will be needed. "
In short, you probably need both.
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