If I understand correctly, you're building a select list with JSP Is this true? If so, then to iterate thru the list is fairly easy:
$("#taglist option").each(function(idx, val){
alert(idx + " : " + $(this).val());
});
Find a fiddle here: http://jsfiddle.net/richbuff/7tBAd/
Keep in mind that jQuery doesn't know about JSP tags. JavaScript (and thus jQuery) only knows about HTML and the DOM.
Hope this helps!