Solution 1:

No such thing in Protractor, but we can write our own:

select-wrapper.js

'use strict';

var SelectWrapper = function(selector) {
    this.webElement = element(selector);
};
SelectWrapper.prototype.getOptions = function() {
    return this.webElement.all(by.tagName('option'));
};
SelectWrapper.prototype.getSelectedOptions = function() {
    return this.webElement.all(by.css('option[selected="selected"]'));
};
SelectWrapper.prototype.selectByValue = function(value) {
    return this.webElement.all(by.css('option[value="' + value + '"]')).click();
};
SelectWrapper.prototype.selectByPartialText = function(text) {
    return this.webElement.all(by.cssContainingText('option', text)).click();   
};
SelectWrapper.prototype.selectByText = function(text) {
    return this.webElement.all(by.xpath('option[.="' + text + '"]')).click();   
};

module.exports = SelectWrapper;


Usage

var SelectWrapper  = require('select-wrapper');
var mySelect = new SelectWrapper(by.id('fruits'));

# select an option by value
mySelect.selectByValue('1');

# select by visible text
mySelect.selectByText('Mango');


Note that Select is a reserved word in JavaScript

Solution 2:

Starting Protractor v.0.22.0 you can just use the new By.cssContainingText locator:

element(by.cssContainingText('option', 'Mango'));

See the API reference.