If we want $R[x]$ to be an initial algebra (= free algebra over the empty set of generators), and/or if $R$ is not commutative, we can include $x$ in the signature as a new constant: we take $\sigma_1=\sigma_0\cup\{x\}$, and $V_1$ is the variety axiomatized by the axioms of rings, the positive diagram of $R$ as in $V_0$ (i.e., the axioms of the form $a+b=c$ and $a\cdot b=c$), and the axiom $x\cdot u=u\cdot x$ (where $x$ is the nullary function from $\sigma_1$, whereas $u$ is a universally quantified variable). Then $R[x]$ is the initial algebra in $V_1$. (This is still true if we replace the last axiom with its instances $a\cdot x=x\cdot a$ for $a\in R$; this makes a larger but messier variety.)
If we want to endow $R[x]$ with composition, we can take the signature $\sigma_1\cup\{\circ\}$, and the variety axiomatized by the axioms of $V_1$ together with $(u\circ v)\circ w=u\circ(v\circ w)$, $(u+v)\circ w=(u\circ w)+(v\circ w)$, $(u\cdot v)\circ w=(u\circ w)\cdot(v\circ w)$, $a\circ u=a$ for $a\in R$, $x\circ u=u\circ x=u$. Then $R[x]$ is the initial algebra in this variety (and again, not all of these axioms are needed to obtain this property).
EDIT: Even if we fix the signature, there are may be many varieties whose initial algebra is $R[x]$. However, a canonical choice among them is the smallest such variety, i.e., the variety generated by $R[x]$, which is axiomatized by the set of all equations valid in $R[x]$. Now, I claim that if $R$ is commutative, then this minimal variety in signature $\sigma_1$ is axiomatized by the axioms of commutative rings and the positive diagram of $R$ as above. In other words, in the language using unary functions instead of constants, $R[x]$ generates the variety of commutative associative unital $R$-algebras.
This can be seen as follows. Using the axioms of commutative rings and the positive diagram of $R$, any equation $t=s$ in signature $\sigma_1$ in variables $u_1,\dots,u_n$ is equivalent to an equation of the form $f(u_1,\dots,u_n)=0$, where $f\in(R[x])[u_1,\dots,u_n]=R[x,u_1,\dots,u_n]$. It suffices to prove that if $f$ is not the zero polynomial, then this equation is not valid in $R[x]$, i.e., there exist $a_1,\dots,a_n\in R[x]$ such that $f(a_1,\dots,a_n)\ne0$. This can be shown by straightforward induction on $n$. The only interesting case is $n=1$, where we can take $a_1=x^d$ for any $d>\deg_x(f)$.