You can make music and publish it under whatever terms you want. Provided, that the material you use (samples, soundfonts, etc.) are released under compatible licenses. Also, some VSTi's may have weird license terms, which you'll have to check to be sure.
If you only use the native instruments and plugins in LMMS, you can release under whatever license you want.
But, for example, say you download a sample, which is published under the CC BY-NC-SA license, and you'd want to release under BY-SA. You couldn't do this, because the BY-NC-SA has Share-Alike (SA), which requires you to license all derivatives with the same license, BY-NC-SA. If you use a sample that is released under a SA license, you have to release your song under the exact same license.
Of course, you also have to comply with all the other license terms of the material you use, so just make sure they're compatible with the license you plan on using.