('<option></option>') selected val( text( code example
Example 1: jquery get selected option value
var selectedOptionText = $('#mySelectID').find(":selected").text();//selected option text
var selectedOptionVal = $('#mySelectID').find(":selected").val();//selected option value
Example 2: jquery option selected value
<select id="myselect">
<option value="1">Mr</option>
<option value="2" selected="selected">Mrs</option>
<option value="3">Ms</option>
<option value="4">Dr</option>
<option value="5">Prof</option>
</select>
<script>
alert($( "#myselect" ).val());
alert($( "#myselect option:selected" ).attr('value'));
alert($( "#myselect option:selected" ).text());
</script>