Can't speak to the M-240, but my favorite flash for my M9 is a used, inexpensive, Nikon SB-22s. It is small, has a bounce head, and works fine in Auto mode. The best flash is my Leica SF-58, but it is a lot larger and heavier. I believe on the M-240 the SF-58 offers high speed sync if that is important to you.
I have a second hand SF24D I really like, and a Metz 54MZ3i also which I like but feels a tad top heavy on the M. The downsides to the 24D is it only uses expensive, disposible lithium batteries (but on the plus side they're good for a lot of flashes) and the head is fixed (but the Stofen Omnibounce for my Metz sits over the 24D perfectly and does the job of diffusing IMO better than bounce. A low-power flash struggles to put out enough light to bounce off a high ceiling.
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