Being long on a stock means you intend to hold it long term, and believe it will increase in value consistently and/or substantially over that time frame. (usually several years). Buying options doesn't necessarily equate to being long (although it may be because you are). You can trade options short term just like the heads, although there is often less volume traded and it can be more difficult to trade them, especially during lulls or minimum action on the heads.
Options are a whole different kettle of fish, which also have added risks (if you don't convert by paying the strike price by the expiry date, or sell them beforehand, they become worthless). You also risk having to pay a higher strike price than the value of the heads at time of conversion, or do your dough on what you paid for the options. Ideally, and this is the purpose and upside of options and one aspect of the strategy, the heads will be worth much more than the strike price when you convert, however you just put some money down now (less risk/ money), and the majority at a later date, but locking in the price when you bought the options..
Being long on a stock would mean you are long on both the heads (IBX) and the options as well in many ways, however there also not an implied correlation either between buying options and being long on a stock. Options will generally move in line with the heads, especially once they are in the money.
The benefit of options is you can lock in more stock now for the same money, and delay when you have to pay the remaining strike price. Percentage gains (or losses) will generally be higher on options too when the price moves.
What i've written is pretty high level and limited. Google is your friend
IBX Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
(20min delay)