Sizzle Reel/Vanity Reel - all your pretty, pretty shots, awesome compositions, and baller lighting/vfx stuff. 60 seconds or less.
Narrative Reel - Included edited scenes. People want to know how your work fits together in the narrative, if you can keep lighting consistent from one to the next, etc.
Doc/Non-Fiction reel - if appropriate to you. Producers can get really finicky about "direct experience." If someone is looking to hire you for a music video, they usually want to see music videos.
Most of the "working class" DPs that I know and respect greatly also have links to completed work on their page, this applies to shorts and spots mostly - but I don't yet have enough projects under my belt to go there. A couple of them just have a gallery of these sorts of links (or categorized galleries), a "showreel" (sizzle/vanity, "Showreel" is probably the best term) and call it done. To be fair, the guys that have sites like that have decades of experience, but it is very effective. I've met more than 1 producer who would rather see finished works (even entire features) than a reel at all.
My website is still in progress and I have not completed cutting my narrative reel, but if you wanted to see what can be done with Squarespace and 0 web design experience, here you go:
http://davidbowsky.com/
The plan is to add a specific narrative reel, and perhaps eventually replace the home page stills gallery with what I would call a "vanity" reel. I may or may not change the "photography" gallery to something more like a tumblr page, which lots of shooters do, still need to add about/contact info, and if I ever get around to another "experimental" project like "Noise" on that site it will have its own section as well. Then it's on to fine tuning the typesetting and color selections, etc.
If anyone is curious, those pics in the "Noise" gallery have had 0 photoshop. They are all straight out of a Samsung Galaxy S running Vignette and shooting in low light.
Still much work to be done, but it will have to wait till I get back from my next gig.
Edit - I like both your site and your reel Fernando, nice touches in there.