Page Options
Page Options are found only in "Edit Mode" toolbar. You can open the drop down window by clicking "Page Options". Currently page options allows you to change the metadata, the link title and delete a page.

Metadata Tools
Metadata is information attached to a page often not visible to the viewer, but to spiders and search engines. It is an important tool for SEO (search engine optimisation). Page options include three types of metadata that you can edit including the title, description and keywords. By default the title is set by the main heading of your page unless you have entered different text here.
More about Search Engine Optimisation and how to use metadata effectively here. Link Title
The link title is the text that appears in a automatic navigation bar. By default it is set with the page name you give it, however, adding a different link title here overrides the default and uses the one you set. Delete a Page
By deleting a page here you will automatically partial publish your website so that the page is removed instantly. When you delete a page there is no way to get it back.