Option 1: Both the statements are individually true and statement II is the correct explanation of statement I.

This option suggests that both statements I and II are true, and statement II provides the correct explanation for statement I. However, this is not the case. While statement I states that Mughal painting reached its climax during the reign of Jahangir, statement II suggests that Aurangzeb`s Court was adorned by some of the best-known artists of the Mughal School of Painting. These two statements are unrelated and do not provide an explanation for each other.

Option 2: Both the statements are individually true but Statement II is not the correct explanation of Statement I.

This option is the correct answer. It acknowledges that both statements I and II are true. Mughal painting did indeed reach its climax during the reign of Jahangir, and Aurangzeb`s Court did have renowned artists from the Mughal School of Painting. However, statement II does not provide an explanation for statement I. They are independent facts.

Option 3: Statement I is true, Statement II is false.

This option is incorrect. Both statements I and II are true and have been verified historically.

Option 4: Statement I is false, but Statement II is true