The correct answer is option 1, that is, a middle layer of the meninges that contains cerebrospinal fluid.
The arachnoid mater or the arachnoid refers to the middle layer of the meninges. In certain regions, it protrudes into the sinuses produced by the dura mater. They mediate cerebrospinal fluid back into the bloodstream from the ventricles.
The space present between the arachnoid and the pia mater is known as subarachnoid space. It is occupied with cerebrospinal fluid.