First, I would say that the notation is not entirely standard, so whenever you encounter it, look for an explanation of the notation somewhere nearby.
That said, my first thought about $M\tilde{\times}N$ is that it denotes the total space of _some_ fixed non-trivial bundle. It just so happens that among bundles $S^2\rightarrow E\rightarrow S^1$ and $S^2\rightarrow E\rightarrow S^2$, there is a unique non-trivial bundle.
Finally, note that the non-trivial $S^2$-bundle over $S^2$ is orientable - the base is simply connected to every bundle over it is orientable as a bundle. Further if the fiber is orientable, then the total space will also be orientable.