The correctly punctuated sentence is:
"I baked many items for the bake sale: banana and blueberry muffins; chocolate and lemon cupcakes; and blackberry and cherry pie."
(However, please note that both instances of this sentence in your options are identical, which is likely unintentional.)
The other sentences contain punctuation or grammatical errors:
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"For my birthday I received: a new bike that I plan to use in a race next month and a gift card to the local book store." (The colon is incorrectly used here; it should not be used before a list that includes a verb and a sentence.)
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"The club can meet in one of these locations, the gym, the library, or the cafeteria." (This sentence is a run-on; it can be improved with semicolons or by rephrasing.)
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"My favorite foods are: pizza with ham and pineapple; and lasagna." (The colon is incorrectly used before the list of foods, and the semicolon before "and" is unnecessary.)