SQL> show user
USER is "SYS"
SQL> create table test as select * from all_objects where rownum <= 10;

Table created.

SQL> grant select on test to scott with grant option;

Grant succeeded.

SQL> --Now scott user have select privs on sys.test table with grant option so s
cott now able to grant that privs to another user also.
SQL> conn scott/tiger
Connected.
SQL> grant select on sys.test to admin;

Grant succeeded.

SQL> conn admin/oracle
Connected.
SQL> select count(*) from sys.test;

  COUNT(*)
----------
        10
##########################################
SQL> conn sys as sysdba
Enter password:
Connected.
SQL> create table test1 as select * from all_objects where rownum <= 10;

Table created.

SQL> grant select on test1 to scott;

Grant succeeded.

SQL> --Now this time grant select privs on sys.test1 table WITHOUT with grant op
tion so scott is not able to grant this privs to any other user.
SQL> conn scott/tiger
Connected.
SQL> grant select on sys.test1 to admin;
grant select on sys.test1 to admin
                    *
ERROR at line 1:
ORA-01031: insufficient privileges