If you just want to know if the transmitter is working or not you can use a normal FM radio receiver. It can span the 88-108 MHz frequency band.
Switch the transmitter on as well as the radio; place them not very far one each other. If the transmitter is working, rotating the tuning knob of the radio, when you reach the TX frequency you'll "hear" the presence of the carrier, that is the noise normally present during the tuning will dissappear and the radio will seem mute. At this point, to be sure, switch the transmitter off and the noise will appear again.
This should happen around 92 MHz, if the oscillator is well tuned. However with this homemade method you can discover the signal everywhere in the 88-108 MHz band.
The polarization has nothing to do with this, if you mean the polarization of the EM wave. It's a characteristic given by the geometry of the antenna. If you have a dipole placed parallel to ground then the polarization will be horizontal, if it is perpendicular to the ground it will be vertical.
If, instead with the term polarization you mean the working point of the transistor (f.i. in Italian "polarizzazione" means biasing) it depends from the circuit.
By the way, what should be the purpose of the LED ?