The sequence of folding a piece of 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 cut and unfolded, the pattern of cutting will be similar in the top parts of the circle.

When the paper is unfolded first, two circles will appear similarly on the bottom right part of the circle.

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

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

Hence, the correct answer is Option B