They are both valid options, and one isn't necessarily any better than the other. Which one you choose is, ultimately, personal preference. Yes, Option A results in slightly less code, but overall they are pretty much equal.
In both cases you are controlling flow via an if and a return. It's really a question of how you prefer to see your boolean logic - negative or positive?
Is ActionResult an enum or a base class? If it's an enum, why are you returning null when Edit returns what appears to be an enum? Wouldn't it be cleaner simply to return an ActionResult value that indicates no action was taken because the object wasn't in an editable state?