I have been using the following code (with jQuery v1.4.2) to set the \'selected\' attribute of a select list based on its \'text\' description rather than its \'value\':
Using the filter() function seems to work in your test cases (tested in Firefox). The selector would look like this:
$('#mySelect1 option').filter(function () { return $(this).text() === 'Banana'; });