If you are after a modelling job then wireframes, Uv layout, textures (if you do them), final version in grey and even a final textured.
Only use your best stuff too, and dont try and flood the reel with everything, be brutal, afterall you want the job. Music can be added but most of the time it gets turned off. And keep it around the four minute mark.
I recently did my reel for the second time this year and added stuff, sent it off and the potential employer wanted even more from me so I had to send still images.
Also do a breakdown list at specific points when the reel changes as to what you did. I did just models and no textures for some of mine so you have to be honest that way too.