I feel that she belongs with X-Factor... But should have some lasting appearances in New Mutants every now & then.  Hell, I'd even love to see a few New Mutants drop by in X-Factor to visit Rahne, Terry, Ric & Star from time to time. 
 
But yeah, Rahne's spent more time over the last 20 years with Madrox & Strong Guy.  It's a strange family unit, but it's the closest thing she has to a real family now.

X-Factor, definitely. 
 
Her interactions with Rictor, Shatterstar, and Monet have been far more interesting than her interactions among the New Mutants.  I would love for her to check in with Dani and I'd love for Sam to join X-Factor actually, but that's it.   
 
Most of the New Mutants (Sunspot, Magma, formerly Karma, and to an extent Warlock and Cypher) don't really contribute to the team dynamic anyway.

@ReVamp: Cheeky!  But if anything, the way she parted from the New Mutants proves that she has very little left in common with the rest of the New Mutants.  I still think it sucks that she hasn't spoken to her soul-mate & best friend Dani Moonstar since she left to join X-Factor in the pre-Grant Morrison era.  But the New Mutants are now a very different team to the team she left back in the 80's.  After all, her soulmate best-friend is now in a relationship with her would-be older brother whom she used to have a crush on.  Things are complicated enough back in X-Factor ;)  Although I don't think Wolfsbane needs to leave to allow Ric & Star.  She's already backed away from Rictor, and is perfectly civil with Shatterstar.  If anything, it's Rictor who needs to get over his hang-ups... and Shatterstar who needs to stop his eye from wandering everywhere ;}

I've found Rahne kind of annoying recently lol, but I think there's more potential storylines for her in X-Factor

@papad1992: When she first came back into it she was lying and trying to break up Ric and Shatterstar, she's never been a particular fave of mine anyway, but it would be cool to have all the original NM together again

I like Wolfsbane where she is at X-Factor. However,  I would like her to find out where Elixir is. I know she is about to have the baby of another guy but those two and Dani Moonstar were a lot of fun to read in the NEW...New Mutants. Agree that she does not have a lot in common with the other new mutants today . However, I would like to see how Dani , the new leader of the team reacts when her old favorite teen comes back with a baby.

I like Wolfsbane where she is at X-Factor. However,  I would like her to find out where Elixir is. I know she is about to have the baby of another guy but those two and Dani Moonstar were a lot of fun to read in the NEW...New Mutants. Agree that she does not have a lot in common with the other new mutants today . However, I would like to see how Dani , the new leader of the team reacts when her old favorite teen comes back with a baby.