I sold 2 BP Mar08 65 Puts for 300.05 in an IRA account.  This is a 26.91% annualized return.

BP pays a good dividend at 4.94%.  I would actually not mind it being put to me.  I own another 100 shares in this account that I acquired when I was an employee of ARCO which was later acquired by BP.  If put to me I would sell Covered Calls and collect the dividend.