JSFiddle - React, Tailwind, and code Playground

HTML

<select name="" id="">
    <option value="">CODIGO | TITULO | DESCRICAO | UF</option>
    <option value="">0001 | TESTE1 | NEW ITEM 1 | SP</option>
    <option value="">0002 | TESTE2 | NEW ITEM ADD 2 | SC</option>
</select>

CSS

option {
	font-family: monospace;
}

JavaScript

function gerarEspaco(qtd) {
    var str = '';
    for (var i = 0; i < qtd; i++) str += '&nbsp;'
    return str;
}

var options = [].slice.call(document.querySelectorAll('option'));
var partes = options.map(function(option) {
    return option.innerHTML.split(' | ');
});
var maximos = options[0].innerHTML.split(' | ').map(function(str, i) {
    var max = 0;
    partes.forEach(function(parte) {
        if (parte[i].length > max) max = parte[i].length;
    })
    return max;
});


options.forEach(function(option, i) {
    var html = partes[i].map(function(parte, j) {
        var emFalta = maximos[j] - parte.length;
        var novosEspacos = gerarEspaco(emFalta)
        return parte + novosEspacos;
    }).join(' | ');
    option.innerHTML = html;
});
console.log(maximos);