Styling part of the OPTION text

But you could always create a Custom select box. Refer the jsFiddle below,

JSFiddle for multi colored selectbox options

// Insert a list item into the unordered list for each select option
for (var i = 0; i < numberOfOptions; i++) {
    $('<li />', {
        html: $this.children('option').eq(i).text()
        .split(' ').join(' <span style="color:red">'),
            rel: $this.children('option').eq(i).val()
    }).appendTo($list);
}