Edit in JSFiddle

$("#foo").change(function(){
    var valor = this.value,
        opcion = this.selectedIndex,
        separado = valor.split("-"),
        aux = null,
        final = null;
  
    if (opcion === 0){
        aux = Number(separado[2]) + 1;
        separado[2] = aux < 10 ? "0" + aux : aux;
    }
    else{
        aux = Number(separado[1]) + 1;
        separado[1] = aux < 10 ? "0" + aux : aux;
    }
  
    final = separado.join("-");
  
    this.options[this.selectedIndex].value = final;
    this.options[this.selectedIndex].innerHTML = final;
});

<select id = "foo">
    <option value = "02-01-02">02-01-02</option>
    <option value = "02-02-02">02-02-02</option>
</select>