Which module supports select or other option for Term reference type?
There is a sandbox module available that adds this functionality:
https://drupal.org/sandbox/cameronbprince/1895832

Also there is an issue in the issue queue to incorporate this into the module itself: https://drupal.org/node/1716764

Alternatively, the hierarchical_select module also provides the option to let users add new terms to vocabularies on the node edit form.