<select id="select1">
  <optgroup label="Swedish Cars">
    <option value ="volvo">Volvo</option>
    <option value ="saab">Saab</option>
  </optgroup>

  <optgroup label="German Cars">
    <option value ="mercedes">Mercedes</option>
    <option value ="audi">Audi</option>
  </optgroup>
</select> 
 jQuery("#select1  option:selected").text(); 

  

jQuery("#select1 option:selected").text();