jQuery get specific option tag text

If you'd like to get the option with a value of 2, use

$("#list option[value='2']").text();

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If you'd like to get whichever option is currently selected, use

$("#list option:selected").text();

It's looking for an element with id list which has a property value equal to 2.
What you want is the option child of the list:

$("#list option[value='2']").text()