Hello,
Custom options do not allow to track inventory. To be able to do that, you need to create configurable products.
Check this article with comparison of custom options and configurable products -
http://www.mag-manager.com/useful-articles/tipstricks/simple-products-with-custom-options-vs-configurable-products
Also you might find useful the article on how to create configurable products -
http://www.mag-manager.com/useful-articles/tipstricks/what-is-magento-configurable-product-how-to-create-magento-configurable-product
Hope it will be useful.
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