option vs volition

option and volition both are nouns.

Word	Noun	Adjective	Verb	Adverb
option	Yes	No	No	No
volition	Yes	No	No	No

As nouns, volition is a hyponym of option; that is, volition is a word with a more specific, narrower meaning than option:

option (noun)	volition (noun)
the act of choosing or selecting	the act of making a choice
one of a number of things from which only one can be chosen	the capability of conscious choice and decision and intention
the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited