<style>
.ex-select {padding:0.5em; border-radius:0.5em; border:1px solid;}
</style>

<select class="ex-select">
    <option value="red" data-color="red">red</option>
    <option value="green" data-color="green">green</option>
    <option value="blue" data-color="blue">blue</option>
    <option value="tomato" data-color="tomato">tomato</option>
    <option value="lightblue" data-color="lightblue">lightblue</option>
</select>

<script>
$(function() {
    $('.ex-select').change(function(e) {
        var $this = $(this);
        var c = $this.find('option:selected').data('color');
        $this.css({'color':c, 'border-color': c});
    });
    $('.ex-select').each(function() {
        var $this = $(this);
        $this.trigger('change');
        $this.find('option').each(function() {        
            $(this).css('color',$(this).data('color'));
        });
    });
});
</script>