I have two forms, one is the main form and the other is an options form. So say for example that the user clicks on my menu on the main form: Tools -> Options
This is probably sidestepping your problem a little bit, but my settings dialog uses the Application Settings construct. http://msdn.microsoft.com/en-us/library/k4s6c3a0.aspx
I can't find a good example that's similar to how I do it (which is actually having an actual class+object), but this covers another way of doing it:
Reading default application settings in C#