Try this:
$('select option:selected').text();
Hi first give an id to the select as
<select id=theid><option value="test">label </option></select>
then you can call the selected label like that:
jQuery('#theid option:selected').text()
For reference there is also a secondary label attribute on the option tag:
label
//returns "GET THIS" when option is selected$('#selecter :selected').attr('label');
Html
<select id="selecter"><option value="test" label="GET THIS">Option (also called label)</option></select>