Contrary to what you may have read elsewhere, honesty (Option 2) is NOT the best policy. If you really don't want to see her this weekend because your feelings are hurt, go with Option 1.
I have problems with my ex-wife telling me that she's going to come by at such-and-such time to do something at the office, and then not show up. It used to bug the heck out of me, but eventually I took a "believe it when it happens" attitude, and that takes a lot of stress out of our relationship.
Option 4 is to go out on Saturday and have a good time.