JQuery, looping through form fields. How do I get text value of select option

[Yaresh]

1) Script Title: Loop through form fields and get text value of select option

2) Script URL (on DD): http://www.dynamicdrive.com/dynamici...formwizard.htm

3) Describe problem: I am using the code below which works fine. But I want to get the text value of the select option not the value.
The line "HELLO THERE THE TEXT IS"+ ip[i].text() " needs something else, not ".text()"
Any ideas please?

	var ip = $('form#genform').find('input, select'); 
                t = ""; 
                for (var i = 0; i < ip.length; i++) { 
                	if ($(ip[i]).attr("name") =='enginetype') {
                		 t+= "<p><span>" + $(ip[i]).prev("label").text() + ":</span> HELLO THERE THE TEXT IS"+ ip[i].text() +'</p>' ; 
                		 //$("#list option:selected").text();  ($(this).val()
                	                                  }
                	else {
                        t+= "<p><span>" + $(ip[i]).prev("label").text() + ":</span> " + ip[i].value+'</p>' ; 
                       } 
                       
                } 
                alert("t "+t);
                $("#datareview").html(t); 
 }

[ddadmin]

Well just speaking in generality, $option.text() should get the textual content of an OPTION (the text surrounded by the <option> tag), whereas $option.val() would get the value in <option value="something">.