I've used 'the option' heaps when I wore a blue suit. IIRC, the pilot had to ask for it. Same call as 'base, touch and go' or 'base, full stop'. AIP GEN 3.4 - 76 has 'the option' phraseology in it so it is available. It is marked as ICAO silent, hence maybe why our American friends use it - they seem to have a few differences registered.