<select id="icon">
    <option value="img`">Img 1</option>
    <option value="img2">Img 2</option>
</select>

var formatResult = function (state) {
    if (state.id === "profile") return "<img src='img.png' width=48 />";
    else return "<img src='img2.png' width=48 />";
};
$('#icon').select2({
    formatResult: formatResult,
    formatSelection: formatResult,
    minimumResultsForSearch: -1,
    width: 90
});

.select2-choice {
    height:60px !important;
    width:90px
}