updating html using jquery

To get a specific option by the value attribute, try this:

var html = '<option value="1">Official On</option><option value="2">Official Off</option><option value="3">Sick Leave</option><option value="4">Casual Leave</option><option value="5">Annual Leave</option>';
var options = $('<select>' + html + '</select>'); // wrap the options in a <select> and get the jQuery object
var found = options.find("[value='1']"); // replace '1' by your value
var foundText = found.text();

If you want to modify the value later, then do this:

found.text("Edited value here.");

After changing the value using the above way, you can get the new HTML using the .html() method on options:

var newHtml = options.html();

Then newHtml will be:

<option value="1">Edited value here.</option><option value="2">Official Off</option><option value="3">Sick Leave</option><option value="4">Casual Leave</option><option value="5">Annual Leave</option>