Jones Reagent is:

\(CrO_3 | H_2SO_4\)

The correct answer is option 3. \(CrO_3 | H_2SO_4\).

Jones reagent is a powerful oxidizing agent used in organic chemistry for the conversion of primary and secondary alcohols to carbonyl compounds (aldehydes and ketones). The reagent consists of a mixture of chromic trioxide (\(CrO_3\)) and concentrated sulfuric acid (\(H_2SO_4\)). The general reaction involved is:
\[ R-CH_2-OH \rightarrow R-CHO \]
for primary alcohols, and
\[ (R)_2-CHOH \rightarrow R_2-CO \]
for secondary alcohols, where \(R\) represents an alkyl group.

Here's a step-by-step explanation:

1. Formation of Chromic Acid (Chromate(VI)) from Jones Reagent:
In the presence of sulfuric acid, chromic trioxide (\(CrO_3\)) reacts to form chromic acid (\(H_2CrO_4\)):
\[ CrO_3 + H_2SO_4 \rightarrow H_2CrO_4 \]

2. Oxidation of Alcohols:
The chromic acid is a powerful oxidizing agent and can oxidize primary and secondary alcohols. The mechanism involves the transfer of oxygen to the alcohol, resulting in the formation of a carbonyl compound.
For primary alcohol, the oxidation leads to the formation of an aldehyde:
\[ R-CH_2-OH \overset{\text{Jones Reagent}}{\longrightarrow} R-CHO \]
For secondary alcohol, the oxidation leads to the formation of a ketone:
\[ R_2-CHOH \overset{\text{Jones Reagent}}{\longrightarrow} R_2-CO \]

3. Color Change:
During the reaction, the orange-colored Jones reagent changes color to blue-green, indicating the reduction of chromium(VI) to chromium(III).

4. Advantages of Jones Reagent:
Jones reagent is useful for selective oxidation of alcohols without over-oxidation to carboxylic acids, making it a valuable tool in synthetic chemistry.
It is particularly effective for oxidizing alcohols that are not easily oxidized by other reagents like potassium permanganate (\(KMnO_4\)) or potassium dichromate (\(K_2Cr_2O_7\)).

In summary, Jones reagent (\(CrO_3 | H_2SO_4\)) is a potent oxidizing agent that plays a crucial role in the conversion of alcohols to carbonyl compounds, providing a valuable method for synthetic chemists to achieve specific oxidation reactions in organic synthesis.