How to access label of List (text) via node_load()
You can get the list of values as a keyed array using list_allowed_values, and use it to show the "key" with whatever logic you want.

An example from the API comments section is as follows:

&lt;?php
/*
assuming there's a field named machine name is 'field_my_field_name' whose
type is a list (float, integer or text), and you want to get the values that 
were entered into the "Allowed values list" textarea on the edit screen for the field
*/
$all_fields_on_my_website = field_info_fields();
$allowed_values =       list_allowed_values($all_fields_on_my_website["field_my_field_name"]);
/*
$allowed_values is now an array of $key=&gt;value pairs that
can be dropped into the '#options' value for a form field array, for instance
*/
//example:
$form = array();
$form['my_form_element'] = array(
  '#type' =&gt; 'select',
  '#title' =&gt; t('Choose something, sucka!'),
  '#description' =&gt; t('Descriptive text under form elements rather than above them is a great UX choice, really.'),
  '#options' =&gt; $allowed_values,
);
return $form;


Being a "field" in drupal the List field instance attached to a bundle has configuration and settings such as the custom list of items, the default value, whether its mandatory, etc.