I found the information found at http://help.infragistics.com/Help/NetAdvantage/jQuery/2013.1/CLR4.0/html/igOlapXmlaDataSource_Configuring_IIS_for_Cross_Domain_OLAP_Data.html to be very helpful in setting up HTTP OPTIONS for a WCF service in IIS 7.
I added the following to my web.config and then moved the OPTIONSVerbHandler in the IIS 7 'hander mappings' list to the top of the list. I also gave the OPTIONSVerbHander read access by double clicking the hander in the handler mappings section then on 'Request Restrictions' and then clicking on the access tab.
Unfortunately I quickly found that IE doesn't seem to support adding headers to their XDomainRequest object (setting the Content-Type to text/xml and adding a SOAPAction header).
Just wanted to share this as I spent the better part of a day looking for how to handle it.
<system.webServer>
<httpProtocol>
<customHeaders>
<add name="Access-Control-Allow-Origin" value="*" />
<add name="Access-Control-Allow-Methods" value="GET,POST,OPTIONS" />
<add name="Access-Control-Allow-Headers" value="Content-Type, soapaction" />
</customHeaders>
</httpProtocol>
</system.webServer>