<select id="mySelect">
<option value="1">Yes</option>
<option value="2">No</option>
</select>
<input type="button" id="demo" value = "Demo" />
<script type="text/javascript">
$("#demo").live("click", function () {
//Get Index of the option with value = 1
var optionIndex = $("#mySelect option[value=1]").index();
alert(optionIndex);
});
</script>