The sequence of folding a paper and the manner in which the folded paper has been cut is shown in the following figures. How would this paper look when unfolded?

When the paper is unfolded, the pattern of cutting will be similar in the four qaudrants of the paper.

When the paper is unfolded first, two circles will appear on the top left part similarly.

When the paper is unfolded again to the right, top circles each will appear similarly on the top right and bottom right part of the paper.

$$\therefore\ $$When the paper is unfolded it appears as shown below

Hence, the correct answer is Option B