Options can be re-ordered for both products and saved templates to change the way they appear to customers on your site.
To re-order options, view your product or saved template. While viewing the options added to a product, you can click the "arrow" icons to move options up or down.
If you want to move options within a template click the "move" icon with the up / down arrow. While holding the move icon, you can move the option. This will let you drag and drop the options into the order you'd like.
This drag and drop sorting is being added to the child options on your products soon!