The correct answer is celebration.
B. dancing in the streets
The correct answer is (A) Celebration; time for rejoicing; special anniversary of a great event, such as a 25th anniversary (silver jubilee), 50th anniversary (golden jubilee), or 60th or 75th (diamond jubilee). A season or occasion of joyful celebration or general festivity.
Jubilee comes from French jubilee, Latin jubilare (to shout for joy).
Examples of use:
- His parents celebrated their golden jubilee last year.
- I cannot remember what the last Royal Jubilee celebrated.