I have the following HTML:
I'd iterate through the options, comparing the text to what I want to be selected, then set the selected attribute on that option. Once you find the correct one, terminate the iteration (unless you have a multiselect).
$('#dropdown').find('option').each( function() {
var $this = $(this);
if ($this.text() == 'B') {
$this.attr('selected','selected');
return false;
}
});