I'm not familiar with this application but interpreting these instructions- http://www.sublimetext.com/docs/2/osx_command_line.html , the path of least resistance would be the following:
First make sure the directory /usr/local/bin exists:
sudo mkdir -p /usr/local/bin
Create a symlink from the command line tool subl in the application to /usr/local/bin:
sudo ln -s "/Applications/Sublime Text 2.app/Contents/SharedSupport/bin/subl" /usr/local/bin/subl
If your compelled to set Sublime Text as your EDITOR then add the following to your .bash_profile. (I'm assuming bash is your login shell):
export EDITOR='subl -w'