A vexing question, indeed! Since I'm beginning to seriously deepen my relationship with the Linux Operating System, I decided I'd better find out how to pronounce the damn thing correctly. The fear is that I will immediately identify myself as a clueless Linux newbie just by opening my mouth (grin). Mind you, at present, I am a clueless Linux newbie, but I'm hoping to remedy that sad state of affairs over the next few months.
Anyway, I've been doing some research and it seems that there are actually several ways of saying the word.
To me, "lynuks" seems the most natural at first. However, I’ve now taken to using the "linnuks" variation, which seems to be more popular in my neck of the woods at least.