It depends on what they do in surgery. If they remove it he will be back in 4 to 8 weeks. If they repair it he will be beack in 4-6 months which basically means next season. The difference is that removing it will shorten his career. If they can repair it he will be able to come back the same player.
It's not that simple. Technology is way ahead of where it was when Wade had his procedure done, and he shouldn't be used as a template. Also, a medial meniscus tear is less severe than a lateral tear.
It really all depends on how severe the tear is - which they won't know until they actually do the surgery. If the tear is small enough there are procedures that can be done that can get Rose back on the floor in 6-8 weeks without removing the meniscus entirely. I'm sure the Bulls will be cautious and take the conservative path, but I'd be very surprised of Rose isn't back on the floor at least a month before the playoffs. And in any event, this isn't the sort of injury that should threaten a career.
This represents a huge opportunity for Teague to show that he belongs in the NBA. If he takes advantage of it that could be big for the Bulls, long-term.