I donít have any experience with the option refusal scenario (yet). But if I were you, and I liked the book and actually wanted to revise the book, I would do that and query it. Iím not sure how youíd deal with the one previous rejection in your query. If youíve done an extensive rewrite since that rejection, maybe just mention it briefly. But definitely discuss it in the Call. Itís just one editor, which is why I wouldnít give up on the book, but the new agent needs to know.