The options menu is the menu in the top right corner of the editor. It holds a few handy options that have no other place to go at the moment. The options are:
Backups, Import elements and Color Library link to pages that tell more about those options. The other options will be explained here.

Reload editor: It just reloads the editor. If the editor has an error make sure you reload the page or the editor. If something else doesn't seem right, try reloading.
Help: A link to the help site. That thing you're looking at right now! ;)
Tutorial videos: Sometimes videos can be a lot easier to explain certain things. Have a look.
About this editor: This is not very interesting for most people. It shows the version you're using.