JQuery :: Putting Something Between <select></select>

I have a similar situation to this:

I have

<select name="option"></select>

and

var html = "Some <b>tags</b>"; // Some string with html code

I want to use jquery to put the content of the string html in between the select tags so I get this:

<select name="option">Some <b>tags</b></select>

I tried

$('select[name='option']).text(html);
$('select[name='option']).val() = html;
$('select[name='option']).html(html);