Right option is (a) ro1 / {(1/gm1 || ro2) + ro1}
For explanation I would say: M2 behaves as a Source follower i.e. it is being used in a C.D. configuration. M1 provides a output resistance of ro1 but M2 provides an impedance of (1/gm2||ro2). Thus, from the voltage gain of a follower stage, we conclude the overall voltage gain is ro1 / {(1/gm1 || ro2) + ro1}.