Update labels and options for Tasks for fields such as Priority and Status.
Go to your Profile Icon (bottom left) > Settings
Select Tasks from the menu.
Click on the field you want to update. e.g Priority list
In List Settings, click + Add
Enter the label for the new select option eg. Medium.
Make it the Default if necessary (ticking the checkbox) and select a Color
Click Save.
Please watch the video below for additional reference.

