I was able to do it by first setting the background color of the SELECT element to what I wanted resulting in all options being that color. Then I made all the options a specific color scheme. Finally I made the selected option the same color scheme as the SELECT element so the option shows the same color in the drop down list.
$.each($('select'), function(i,v) {
theElement = $(v);
theID = theElement.attr('id');
// Set the SELECT input element to green background with white text
theElement.css('background-color', 'green');
theElement.css('color', 'white');
// Set all the options to another color (note transparant will show the green)
$('#'+theID).find('option').css('background-color', 'white');
$('#'+theID).find('option').css('color', 'black');
// Finally set the selected option to the same values as the SELECT element
$('#'+theID).find('option:selected').css('background-color', 'green');
$('#'+theID).find('option:selected').css('color', 'white');
});