Does it penalize sneak to have a weapon drawn?

It's said that carrying a two-handed weapon increases your chances of being spotted when trying to sneak.

Does it penalize Sneaking to have a weapon merely drawn, or only when you attack? Does the size/weight of the weapon make a difference?

Solution 1:

yup i'm pretty sure it's based on weapon size. Back when I was raising sneak by sneak attacking the greybeards (hehe) they would immediatly detect me if it hit them with a sword, but not with a dagger.

Solution 2:

I think the bigger the weapon, the less stealthy you are, though I have not tested this. You could give it a go yourself: Save it at a point, and have in your inventory, a dagger, a sword, axe, warhammer etc. and give them all a go. Sneak up on people or a person.

You might just surprise yourself and have fun at the same time