Reordering Attributes on a Product

Go into the product and grab the name of the attribute you'd like to move - make sure you hover over the name until you get the crosshairs - then click to drag and drop where you'd like it (quick video below to demonstrate).

Same for the options inside a drop down. Go to the attribute itself (Settings -> E-Commerce -> Product Attributes), and then hover inside any of the cells of the table EXCEPT over the name of the option and crosshairs will appear, allowing you to click and drag the options into a different order.