editProductOptionValues.php

<?php
$magePath = 'app/Mage.php';
require_once $magePath;
Varien_Profiler::enable();
Mage::setIsDeveloperMode(true);
ini_set('display_errors', 1);
error_reporting(E_ALL);
umask(0);

Mage::app()->setCurrentStore(Mage_Core_Model_App::ADMIN_STORE_ID);

$product_ids  = array(1004);
$productmodel = Mage::getModel('catalog/product');
foreach ($product_ids as $product_id) {
    $cos = array();
    $co = array();
    $product = $productmodel->load($product_id);
    $options = $product->getProductOptionsCollection();
    if (isset($options)) {
        foreach ($options as $o) {
            $title = $o->getTitle();
            $optionType = $o->getType();
            //test type
            if ($optionType == "drop_down" && $title == "Go ahead ?") {
                //getting collection of value related to current option
                $values = $o->getValuesCollection();
                $found = false;
                foreach ($values as $k => $v) {
                    //test existing of value for update
                    if (1 == preg_match("/Ja$/i", $v->getTitle())) {
                        //update and save
                        $v->setTitle("Ja")->setSku("Vivek")->setPriceType("fixed")->setSortOrder(2)->setPrice(floatval(300.0000));
                        $v->setStoreId(0);
                        $v->setOption($o)->save();
                        $cos[] = $v->toArray($co);
                    }
                }
            }
            $o->setData("values", $cos)->save();
        }
    }
}