What's the event to bind for when a select form is selected?

I have something like this:

<select id='list'>

<option value='1'>Option A</option>

<option value='2'>Option B</option>

<option value='3'>Option C</option>

</select>

When Option B is selected, I want some function to run.

So what do I bind,

$(#list).bind(?, function (){

// How do I check if it's option b that's selected here

//blah blah

});