I am assuming you have an items table and an options table with a many to many relationship between the two. Example 1 is the way you normally join the 2 tables. I would go with that.
And expanding on shastah’s assumption, you don’t need a separate id as a primary key for the linking table, just make the item_id and option_id a joint primary key.
I have used this pattern a lot and it really, really depends depends on how/what is updating happening. If all reads and writes of the “payload” column are coming from your app and it handles serialization/deserialization it can be a very, very powerful tool to use some of the good parts of relational databases (indexed lookups, referential integrety) and some of the good parts of object database – as in your objects need not be expressed in tables.