The correct statement is: Heat will flow from the iron block to the water until both reach a temperature somewhere between 50 degrees Celcius and 250 degrees Celcius.
This is because heat flows from the object at the higher temperature (the iron block at 250 degrees Celsius) to the object at the lower temperature (the water at 50 degrees Celsius) until thermal equilibrium is reached, meaning both will have the same temperature, which will be somewhere between the two initial temperatures.