You are  using wrong this see this example for THIS Scope
http://jsfiddle.net/kevalbhatt18/r2m2ucgv/2/
The above example is give you difference between two this.
1. which is out of Jquery. 
2. which is inside jquery function.
- so as you can see in example first console i.e console.log(this) will return window object.
 
2 . $(this) which is inside click function will give you different value it is related to your button it will gives you button scope
you can also use 
jQuery('option').find('.level-0').css('display', 'none')
if you know the class of option.
HTML
<button>option 1</button>
<button>option 2</button>
<select>
    <option class="level-0" value="top-10-villen-de">Top-10-Villen</option>
    <option class="level-1" value="top-1">Top-20</option>
</select>
Jquery
console.log(this)
$('button').click(function () {
    if ($(this).text() === "option 1") {
        if (jQuery('option').attr('value') == 'top-10-villen-de') {
            console.log('inside')
            console.log(jQuery('option[class="level-0"]'))
            jQuery('option[class="level-0"]').css('display', 'none');
        }
    } else {
        jQuery('option[class="level-0"]').toggle()
    }
})