When the magnet is released, how will it move?

Answer: Option A

The direction of the magnetic field is downwards in the diagram. You can think of a North Pole of a magnet that is at the top and/or a South Pole at the bottom. Since the top is N, and the pole of the bar magnet nearer is also N, as like poles repel, the N of bar magnet will move away and rotate clockwise. The S of pole of the bar magnet will be attracted to the N at the top, hence likewise it will cause the bar magnet to rotate clockwise.

Alternatively you can image the bar magnet to be like a compass needle, and the needle will follow the direction of the magnetic field with N of the needle pointing in the same direction of the magnetic field direction.