<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();