I'd have to say that software mentors are no different than any other kind of technical mentor.
here are 5 things that I look for in a mentor:
1. Good communication skills. This includes knowing how to talk to their student using methods that work for each individual student.
2. Good technical knowledge (obviously)
3. Even more important than #2, being humble. I'd much rather here "I think this is how you do xyz, but I"m not 100% sure" than someone who says "THis is the only way to do this!"
4. Someone who is clear about the objectives
5. Someone who allows students to make mistakes (sometimes people only learn after they make mistakes)