Which one is better performance and (approach): store as rows or as a varchar column
Option B is the worst choice: Why
Because by keeping values in CSV format in a single column, you are violating first NF http://en.wikipedia.org/wiki/First_normal_form. 

Most critical drawback of violation of first NF is complex join conditions. You have to apply join using LIKE operators and worst wildcard options or using other string functions. 

Secondly RDBMS will not be able to create correct data distribution statistics and ultimately query optimizer can't select efficient execution plan.