Assuming ideal world (frictionless whatever, weightless string, etc), we still have to ask the question whether or not the bullet is lodged in the pendulum. We have two cases and two ways.
Simple Way that has to be understood before looking at the easy way:
Case 1: Bullet gets lodged (because the combined mass of the system is greater than just the pendulum alone). We first calculate the force of the bullet. Assuming we shot the bullet straight into the pendulum, we can use the simplified formula L=Iw, where I is the moment of inertia, w is the angular frequency and L is the torque. Because the torque is just the force of the bullet, L=f=ma (of bullet). The moment of inertia can be calculated by I=mr^2, where r is the distance from the pivot point. This assumes that the pendulum is effectively a mass point (sometimes it can be treated as such depending on the shape). If you wanted a real world calculation, you need some calculus.
Case 2: The bullet could bounce off (metal pendulum?) completely elastically. Same calculation, we just have to find a way of measuring the momenta of the reflected bullet (not too difficult. Set up a second pendulum and measure how high it goes to calculate the KE, which gives us velocity and thus momentum).
Easy Way:
Case 1: We calculated the linear momenta and translate it into angular momenta, which we use to calculate angular velocity. This approach requires an extremely detailed explanation of physics and a lot of really delicate arguments to fully understand, so the simple way is the preferred way unless you really want to get into the knitty gritty.
Case 2: Same thing, same way.
Physicists Way:
We calculate the Lagrangian or the Hamiltonian of the system and use that to calculate angular momenta. This relies on even more delicate arguments and shouldn't be used at all unless you took a class in dynamics, but is the most powerful way of doing things because its magical (really no other word to describe it). In this specific case, it would be easier to either do it the Easy way or the Simple way.