Hi,
Petar is right that you can add the localization macro directly as the value in the simple Text box that is used for product option name field.
Moreover, it is actually possible to customize the form setup for Attribute-type product options to make the editing dialog use Localizable text box form control instead, which has the "+" icon for adding or managing resource (localization) strings, i.e. for localizing the value.
You can do that by editing the E-Commerce module (in Modules app), SKU class (in Classes tab) and its alternative form "Option (attribute)", codename "UpdateAttributeOptionGeneral" (in Alternative forms tab).
There, in the Fields tab of the alternative form, choose SKUName field and change its Form control from Text box to Localizable text box and save the change. You may need to locate the control through "More items..." dialog in the dropdown list.
After this change, you will see the "+" button in the text box when editing a value, allowing you to easily add custom localization strings.
Please note, the expressions are localized according to the UI culture when you are in the administration, and according to the page culture when displayed in ShoppingCartItemSelector control in live site.
Hope this helps.
Regards,
Zdenek