I haven't tested this yet, but it should work fine to display the options. Written for 4.4.5, you may need to modify it for your version. I also assumed you would be placing it within a table, you may need to adjust or remove the row and column tags.
PHP Code:
{if $active_modules.Product_Options ne "" and $product.is_product_options eq 'Y'}
<tr>
<td>
<h2>Product Options</h2>
{foreach from=$product_options item=options}
<b>{$options.classtext}</b> -
{foreach from=$options.options item=option name=option_loop}
{$option.option_name}{if not $smarty.foreach.option_loop.last},{/if}
{/foreach}<br />
{/foreach}
</td>
</tr>
{/if}