Statement I: Lights of different colors travel with different speeds in vacuum.
Statement II: Speed of light depends on medium.

Options

A. Statement is True, Statement II is True, Statement II is correct explanation for Statement I
B. Statement I is True, Statement II is True, Statement II is NOT a correct explanation for Statement I.
C. Statement I is True, Statement II is False.
D. Statement I is False, Statement II is True.

Explanation

To analyze the given statements, we'll break down each statement and evaluate its correctness step by step.

### Step 1: Evaluate Statement I
**Statement I:** "Lights of different colors travel with different speeds in vacuum."

- In vacuum, the speed of light is constant and is approximately \(3 \times 10^8\) meters per second. This speed does not change based on the color of the light. All colors of light, regardless of their wavelength or frequency, travel at the same speed in a vacuum.

**Conclusion for Statement I:** This statement is **false**.

### Step 2: Evaluate Statement II
**Statement II:** "Speed of light depends on medium."

- The speed of light does indeed depend on the medium through which it is traveling. In different media (like air, water, glass, etc.), light travels at different speeds. The relationship can be expressed using the refractive index (\( \mu \)) of the medium, where:

\[ \mu = \frac{C}{V} \]

Here, \(C\) is the speed of light in vacuum, and \(V\) is the speed of light in the medium. From this equation, we can rearrange it to find the speed of light in the medium:

\[ V = \frac{C}{\mu} \]

- Since the refractive index varies for different materials, the speed of light will also vary depending on the medium.

**Conclusion for Statement II:** This statement is **true**.

### Final Conclusion
- **Statement I:** False
- **Statement II:** True

Thus, the correct answer to the question is that Statement I is false and Statement II is true.