Power Tab Editor is a wonderful tool used to create guitar and bass tablature. Easy-to-use, this program provides all notations used in music: symbols of music standards, as well as symbols of tablatures.

Note: It seems that this software hasn't been updated for several years - the version linked to this page is the latest to exist, so do not bother searching any further.

What are the key features of Power Tab Editor?

Creation: create, edit, and print your composition. As all power tab files are saved using the file extension.ptb, files created within the application can be viewed and used only by the editor.
Sharing: import and export MIDI tracks in ASCII text format or HTML.
Interface: this tool has an easy-to-use interface and is thus suitable for everyone. You can also add a title and lyrics to your composition.
Details: full explanations about chords and tuning are available in the program.