We are pleased to announce that we have recently released a feature that allows you to rearrange the order of the options when either creating a new or editing an existing Single select or Multi select field. To take advantage of this feature, simply click on the icon to the left of an option, and drag it to your desired location in the options list, as shown below.
@spencer79 we think you would be pleased to hear about this, as you were one of our users to request this feature.