Option Board and Option Labels are located in the Manage Book section.
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There are three sections in this menu, "Team Boards" "Tech Boards" and "Option Labels."

TEAM BOARDS
Team boards are option board templates that can be used on a job as a starting point or as is. These boards are available to all your technicians.

TECH BOARDS
Tech boards are option board templates that your technicians have created. These boards are only available to the technician who created them.

At any point, you can view a tech option board and promote it to a team board for all your technicians to use.

OPTION LABELS
The number of labels you choose limits your number of options on the board.

Example: Good, Better, Best means you will only have three options.