Effectively, the solutions to the differential equation governing SHM are of the form y=Acos(wt+P) (amongst other forms e.g complex exponentials Aexp(iwt) for complex A). There are two arbitrary constants (because the SHM equation is a 2nd order linear ODE), the amplitude A and the phase P. These are determined on initial conditions, generally given as x(0) and v(0) i.e the conditions of the oscillator as how you set it going. More generally you can be given two pieces of information at any time t, but it is common to be given velocity and displacement at t=0, these allow you to solve for A and P. If you set it oscillating at equilibrium (i.e at y=0, t=0) then you can see that P=+/-pi/2 which gives y=+/-Asin(wt) (v(0) needed to determine if the solution is a negative or positive sin). If you set it oscillating at (positive) amplitude A at t=0 (y=A,t=0) then P=0 and A=cos(wt).
In short, it depends on how you set the oscillator going.