Use this code
<%@ Page Language="C#" AutoEventWireup="true" CodeFile="Default6.aspx.cs" Inherits="Default6" %>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head runat="server">
<title></title>
<script type="text/javascript" src="Script/jquery-1.7.2.min.js"></script>
<script language="javascript" type="text/javascript">
$(document).ready(function() {
$('#DropDownList1 option').each(function() {
$(this).attr('title', 'tooltip msg:- ' + $(this).text());
});
});
</script>
</head>
<body>
<form id="form1" runat="server">
<div>
<asp:DropDownList ID="DropDownList1" runat="server">
<asp:ListItem Text="Val1" Value="1"></asp:ListItem>
<asp:ListItem Text="Val2" Value="2"></asp:ListItem>
<asp:ListItem Text="Val3" Value="3"></asp:ListItem>
<asp:ListItem Text="Val4" Value="4"></asp:ListItem>
</asp:DropDownList>
</div>
</form>
</body>
</html>