Option 1: The theory of electron transfer is not the reason why Venkataraman Ramakrishnan won the Nobel Prize in Chemistry in 2009. This theory is related to the movement of electrons between different molecules or entities, and it was not the focus of Ramakrishnan`s work.

Option 2: This is the correct answer. Venkataraman Ramakrishnan, along with Thomas A. Steitz and Ada E. Yonath, won the Nobel Prize for their studies of the structure and function of the ribosome. The ribosome is a complex molecular machine found in all living organisms that plays a crucial role in protein synthesis. Ramakrishnan`s contributions include determining the structure of the ribosome using X-ray crystallography.

Option 3: Palladium catalyzed cross couplings in organic synthesis is a different area of research and not related to the work for which Ramakrishnan won the Nobel Prize.

Option 4: Similarly, the study of olefin metathesis is not the reason for Ramakrishnan`s Nobel Prize.

In conclusion, Ramakrishnan won the Nobel Prize in Chemistry in 2009 for his important contributions to the understanding of the structure and function of the ribosome.