Magento 1.9 – Show Attribute Label

Use Below Code

To get the Value of your custom attribute then

 $option = Mage::getModel('catalog/product')->load($id);
 print_r($option->getData('Your Attribute ID'));

To get the All values

 /**
 * @var $config  Mage_Eav_Model_Config
 * @var $options Mage_Eav_Model_Resource_Entity_Attribute_Option_Collection
 */
$storeId   = 3;
$config    = Mage::getModel('eav/config');
$attribute = $config->getAttribute(Mage_Catalog_Model_Product::ENTITY, 'color');
$values    = $attribute->setStoreId($storeId)->getSource()->getAllOptions();
print_r($values);

//here is another method
$options = Mage::getResourceModel('eav/entity_attribute_option_collection');
$values  = $options->setAttributeFilter($attribute->getId())->setStoreFilter($storeId)->toOptionArray();
print_r($values);    

when you print this $value you got one array contain below one.

 Array
 (
     [0] => Array
         (
             [value] => 128
             [label] => test
         )
 )

The exception is thrown in the method Mage_Eav_Model_Resource_Entity_Attribute::_saveOption by this code:

if (!isset($values[0])) {
    Mage::throwException(Mage::helper('eav')->__('Default option value is not defined'));
}

This means that $values[0] is not set

$values comes from this code in the same method foreach ($option['value'] as $optionId => $values) {

Apparently in your code $options['value'][Some numeric key here][0] is not set. See how the $options array looks like before passing it to the setOption method (last line in your code).