The correct option is B I → III → V → IV → II
During proliferative phase in human female reproductive cycle or menstrual cycle the anterior lobe of pituitary gland secrets the Follicle Stimulating Hormone (FSH), which stimulates ovarian follicles to secrete oestrogens. During the second week of reproductive cycle, most of the developing follicle die and usually one follicle continues to mature.
Now, the Luteinising Hormone(LH) in blood level is increased by pituitary gland. A small surge of FSH also occurs. Ovulation takes place, which releases immature egg into abdominal cavity. During ovulation, the follicle breaks open and collapses under the continous influence of LH. It begins to enlarge and forms a yellowish structure, called corpus luteum or yellow body. Thus, the correct sequence is I → III → V → IV → II.