The correct option is C If assertion is true but reason is false
Axial vector is a vector which does not change its sign on changing the coordinate system to a new system by a reflection in the origin.
When the direction of the coordinate axes are inverted, the cross product of two vectors will not change sign. Hence cross product of two vectors is an axial vector.
We also know that the relation between linear and angular velocity is,
→v=→ω×→r
Hence reason is false.
Option C is the correct answer.