Step 1: Recall the magnetic moment of a coil.
For $N$ turns carrying current $I$ and enclosing area $A$ per turn, $M = NIA$. We must find the area from how each wire is bent.
Step 2: Use the circular coil to find L.
Wire of length $2L$ is wound into $3$ circular turns, so $2L = 3(2\pi R)$, giving $R = \dfrac{L}{3\pi}$. Its area per turn is $A_c = \pi R^2 = \pi \dfrac{L^2}{9\pi^2} = \dfrac{L^2}{9\pi}$.
Step 3: Apply the known circular moment.
$M_c = N_c I_c A_c = 3(3)\dfrac{L^2}{9\pi} = \dfrac{L^2}{\pi}$. This equals $\dfrac{4}{\pi}$, so $L^2 = 4$ and $L = 2\,m$.
Step 4: Geometry of the square coil.
Wire of length $L$ is wound into $2$ square turns. Total perimeter $= 2(4a) = 8a = L$, so the side is $a = \dfrac{L}{8}$, and area per turn $A_s = a^2 = \dfrac{L^2}{64}$.
Step 5: Magnetic moment of the square coil.
$M_s = N_s I_s A_s = 2(2)\dfrac{L^2}{64} = \dfrac{4L^2}{64} = \dfrac{L^2}{16}$.
Step 6: Substitute and conclude.
With $L^2 = 4$, $M_s = \dfrac{4}{16} = 0.25\,A\cdot m^2$, which is option (2).
\[ \boxed{M_s = 0.5\,A\cdot m^2} \]