In article et,
says...


CLEARED FOR THE OPTION- ATC authorization for an aircraft to make a
touch-and-go, low approach, missed approach, stop and go, or full stop
landing at the discretion of the pilot. It is normally used in training so
that an instructor can evaluate a student's performance under changing
situations.


I see it used often enough just to save time and effort. Instead of ATC
asking your intentions, you saying what you want to do, ATC clearing you and
you repeating the clearance - if you're on your fourth time around the
pattern, and there is no traffic conflict, ATC may just say "cleared for the
option" (do what you want to do) and from what I see it is customary to
answer with your intentions ("touch and go four left, seven mike tango")
rather than just leave them guessing.

GF