Obtenha texto da opção selecionada jQuery
$('#id').children(':selected').text();
Spyder
$('#id').children(':selected').text();
$('#id option:selected').text()
$( "#myselect option:selected" ).text();
$("#id option:selected").text();
$("#mySelect option:selected").html();
$("#myDropdown option:contains(Option 2)").attr('selected', 'selected');