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I've just found these two options confusing. I did a little research and found that the NULL module is a generic renderer for any engine. Google took me to this website's documentation when I searched. That gave me reinforcement not to change the options and I haven't.
Just wanted to clarify and say that this option is kind of confusing. The wiki page that I used in the past was not helpful. There are a few steps in there which detail that you must add options to the project like "OGRE_FOUND", etc. link: http://cegui.org.uk/wiki/Building_CEGUI ... reRenderer
I don't think that wikipage is helpful because it doesn't work. I've had much frustration from it. Its also disorganized and inconsistent. The actual source compilation documentation on this website isn't mentioned in the wikipage. It does talk about the way to build the dependencies but it provides its own steps for compiling the actual CEGUI source. Its the most relevant option when searching "0.8.2" on the wiki which is how I found it. The wikipage also says to build the install project and use that when the documentation explicitly states not to.
I just want to be helpful! Cheers!