Ramirez and Pena are Type B Free Agents
The best thing MLB Trade Rumors ever did was buy the rights to Eddie Bajek's reverse-engineered Elias rankings. This year he nailed all but two free agents before the official list came out (Kelly Johnson and Joel Zumaya).
As for the Cubs, Ryan Dempster exercised his $14M option for next year, so his Type A status is a moot point. But the Cubs did exercise their $16M option on Aramis Ramirez last night and it seems to be a mere formality at this point that Ramirez will decline it to seek a multi-year deal. That saves the Cubs $2M on the buyout and the Cubs will likely get a supplemental draft pick if and when Ramirez signs somewhere else as he just missed Type A status and is a Type B free agent. Carlos Pena also qualified at Type B status and his situation is a bit trickier as he could potentially accept the Cubs arbitration offer.
That being said, with about 1/5th of the information that the Cubs front office has on the situation, I would probably take the chance. No, the Cubs probably don't want him back although if they miss out on Fielder or Pujols, there's not a whole lot better out there and he certainly is a guy that "grinds out at-bats". Yes, the Cubs could go cheaper and try Bryan LaHair there, but where else do you spend the money this offseason? There isn't a lot out there in free agency, although with the new regime, you would hope there's more leeway to save money in one season and use it another season. Also, the Cubs need a RF'er and possibly a LF'er and if Pena did come back, they could try LaHair out there. Or the most likely outcome, that Pena just does not accept the offer which the majority of free agents end up doing. And even if he does accept, the Cubs can release him in spring training as arbitration contracts are not guaranteed and would cost the Cubs just 45 days of pay. It's a bit of a risk on the Cubs part to do it, but I think the odds are on their side that it would ultimately be beneficial.
Also should note that Kerry Wood is a Type B free agent, but he already let it be known that he's either a Cub next year or retiring.