build.sh

#!/bin/bash
set -ex

PREFIX=[where ruby is installed]

clang++ -I$PREFIX/include/ruby-3.4.0/arm64-darwin24 -I$PREFIX/include/ruby-3.4.0 -L$PREFIX/lib  -lruby.3.4 test.cpp

test.cpp

#include <ruby.h>

// This SEGFAULTs
int main(int argc, char** argv)
{
  ruby_init();
  ruby_init_loadpath();

  char* options[] = { "-e;" };
  ruby_options(2, options);
}

test2.cpp

#include <ruby.h>

// This does not!
int main(int argc, char** argv)
{
  RUBY_INIT_STACK;
  ruby_init();
  ruby_init_loadpath();

  char* options[] = { "-e;" };
  ruby_options(2, options);
}

Not adding NULL at first options?
char* options[] = {NULL, "-e;" }; ruby_options(2, options);
Here this is not ok:
char* options[] = {"-e;" }; ruby_options(2, options);