Disable Drop Down Option using jQuery
Working demo http://jsfiddle.net/BYkVW/ or http://jsfiddle.net/BYkVW/1/
Hope it helps the needs :)
code
$("#field_0_1 option[value='- Sold Out -']").attr('disabled','disabled');
or
$("#field_0_1 option[value='- Sold Out -']").prop('disabled','disabled');
working image
$("select option[value*='Sold Out']").prop('disabled',true);
Demo
According to edit
$('#previous_select').on('change', function() {
// after creating the option
// try following
$("select option[value*='Sold Out']").prop('disabled',true);
});