Assuming that you have the necessary permissions to access the template, open the template, click next to open the tagged form.
Click on the field that has your list of values
 

On the right hand side under options select edit values, make the updates and save the template when you exit the template.
 

Thank for the reply @James.DunmoreSmith, but I am trying to accomplish this using rest api. Do you have experience doing it using the rest api?

Hi,

Thank you for reaching out to the DocuSign Community.

To update the tabs in an envelope via API, you have to use this documentation https://developers.docusign.com/docs/esign-rest-api/reference/templates/templates/update/

Identify and Update List Items. Identify the tab(s) you want to update. For instance, if you have a `listTabs` field, you can update it by specifying the new list items.

```bash
curl -X PUT "https://demo.docusign.net/restapi/v2.1/accounts/{accountId}/templates/{templateId}/documents/{documentId}/tabs" \
-H "Authorization: Bearer {accessToken}" \
-H "Content-Type: application/json" \
-d '{
  "listTabs": s
    {
      "tabLabel": "List1",
      "listItems": s
        {"text": "Option1", "value": "1"},
        {"text": "Option2", "value": "2"},
        {"text": "Option3", "value": "3"}
      ]
    }
  ]
}'
```

Regards,

Eric | Docusign

@Eric Ruiz I didn’t get that to work due to an error back

{
    "errorCode": "INVALID_TAB_OPERATION",
    "message": "The Tab specified is not valid for the requested operation. Updated tabs must all be Strikethrough or SmartSection tabs if you're not specifying a valid recipient."
}

, but i managed to updated it using this endpoint 

{{baseUrl}}/v2.1/accounts/{{accountId}}/templates/{{templateId}}/recipients/{{recipientId}}/tabs