thanks for your help. this is what I was after:
Code:
        Dim memorystream As New MemoryStream()
        Dim xmlwriter As New XmlTextWriter(memorystream, System.Text.Encoding.UTF8)

        xmlwriter.WriteStartElement("option")
        xmlwriter.WriteString(TextBox1.Text)
        xmlwriter.WriteEndElement()

        xmlwriter.Flush()

        Dim stream_reader As New StreamReader(memorystream)

        memorystream.Seek(0, SeekOrigin.Begin)

        Console.WriteLine(stream_reader.ReadToEnd())