Step 1: Eliminate t Instead:
From $x=at^2-1$, $t^2=\dfrac{x+1}{a}$. For $t>0$, $y=t^3+1=\left(\dfrac{x+1}{a}\right)^{3/2}+1$.
Step 2: Differentiate:
$\dfrac{dy}{dx}=\dfrac{3}{2a}\left(\dfrac{x+1}{a}\right)^{1/2}$. $\dfrac{d^2y}{dx^2}=\dfrac{3}{4a^2}\left(\dfrac{x+1}{a}\right)^{-1/2}=\dfrac{3}{4a^2t}$.
Step 3: Solve:
At $t=1$, $\dfrac3{4a^2}=\dfrac3{16}$, so $a=2$. Option (D).
Final Answer:
Option (D).
\[ \boxed{\text{(D) } 2} \]