In an exothermic reaction, heat is released into the environment. Therefore, the correct result is:
Heat is released into the environment, while light is absorbed. (Note: This statement is somewhat misleading, since light is typically not absorbed in exothermic reactions.)
The most accurate representation based on typical definitions of exothermic reactions is that:
Light and heat are released into the environment.
However, based on your options, the best choice here would be "Heat is released into the environment," as it reflects the primary characteristic of exothermic reactions.