To start Export Product Options from X-Cart you need to click on button which starts the Import/Export Wizard.
Or you can use "Export Options to Excel" or "Export Options to HTML" Buttons for fast X-Cart product options export as well. Import/Export Options Wizard is a lot like Categories Import/Export Wizard.
If you choose to open a directory containing result file, check corresponding option. Open result file option allows you to see export file opened in Excel.