Getting a value from a list

I have a list like that:

<select size="1">
  <option value="1">Option 1</option>
  <option value="2">Option 2</option>
  <option value="3">Option 3</option>
  <option value="4">Option 4</option>
  <option value="5">Option 5</option>
</select>

How can I get the value of this options with JavaScript (Getting the "1", "2", "3" and so on...).

if you add the id of "list" to <select> this should work: Example Here

document.getElementById('list').onchange = function( e) {
    alert( this.value )
}

to get it directly without using this:

document.getElementById('list').value

document.getElementsByTagName("select")[0].value;

or

mySelection = function(element){
    console.log(element.value);
}

<select onchange="mySelection(this);">