Null password? sp_help_revlogin includes
ELSE BEGIN -- SQL Server authentication
IF (@binpwd IS NOT NULL)
BEGIN -- Non-null password
EXEC sp_hexadecimal @binpwd, @txtpwd OUT
IF (@xstatus & 2048) = 2048
SET @tmpstr = 'SET @pwd = CONVERT (varchar(256), ' + @txtpwd + ')'
ELSE
SET @tmpstr = 'SET @pwd = CONVERT (varbinary(256), ' + @txtpwd + ')'
PRINT @tmpstr
EXEC sp_hexadecimal @SID_varbinary,@SID_string OUT
SET @tmpstr = 'EXEC master..sp_addlogin ''' + @name
+ ''', @pwd, @sid = ' + @SID_string + ', @encryptopt = '
END
ELSE BEGIN
-- Null password
EXEC sp_hexadecimal @SID_varbinary,@SID_string OUT
SET @tmpstr = 'EXEC master..sp_addlogin ''' + @name
+ ''', NULL, @sid = ' + @SID_string + ', @encryptopt = '
END