There are several words with similar (in some sense) meaning:
Options, Settings, Properties, Configuration, Preferences
English is n
I believe it's largely a matter of personal preference.
However, I feel that I usually see properties as referencing one single part of an appliation, where as Options/Settings are usually a more global property.
In addition, Preferences are probably not things that have as large of an impact as something labeled options or settings. Things such as a minor change in the display or something similar.
The most important thing is to have consistency across the application.
And personally, I prefer the term 'options', as it sounds less intimidating than settings, properties, or configuration.