I'm not 100% sure on the requirement, but using VBA and Option 2 this marks the "Text" cells that have all words from any of the "Lookup" cells
Option Explicit
Sub MarkCells()
Dim ws As Worksheet
Dim rText As Range, rLookup As Range
Dim aText() As Variant, aLookup() As Variant
Dim iLookup As Long, iText As Long, iLookupPiece As Long
Set ws = Worksheets("Option Two")
Set rText = Range(ws.Cells(1, 1), ws.Cells(1, 1).End(xlDown))
Set rLookup = Range(ws.Cells(1, 2), ws.Cells(1, 2).End(xlDown))
aText = Application.WorksheetFunction.Transpose(rText)
ReDim aLookup(1 To rLookup.Rows.Count)
For iLookup = 1 To rLookup.Rows.Count
aLookup(iLookup) = Split(rLookup.Cells(iLookup, 1).Value, " ")
Next iLookup
For iLookup = LBound(aLookup) + 1 To UBound(aLookup)
For iText = LBound(aText) + 1 To UBound(aText)
For iLookupPiece = LBound(aLookup(iLookup)) To UBound(aLookup(iLookup))
If InStr(aText(iText), aLookup(iLookup)(iLookupPiece)) = 0 Then Exit For
rText.Cells(iText, 1).Interior.Color = vbRed
Next iLookupPiece
Next iText
Next iLookup
Stop
End Sub