To determine the correct chronological order in the evolution of Indian painting, we need to analyze each mentioned artwork or site based on historical context and dating.

1. Bhimbetka rock art: The rock shelters at Bhimbetka are some of the earliest evidence of human art in India. They are believed to date from the prehistoric era, specifically the Paleolithic and Mesolithic periods, which makes them the oldest in this list.
2. Mahajanaka Jataka, Ajanta: The Ajanta Caves, which hold the Mahajanaka Jataka painting, are dated between the 2nd century BCE to about 480 CE. These were created during the period when Buddhism flourished in India.
3. Royal portrait, Sittannavasal cave: Sittannavasal is another cave complex which has paintings dating back to the 7th century during the period of Jainism. The artwork is known for its beauty and execution during the Pandya dynasty.
4. Heavenly musicians, Brihadishvara temple: The Brihadishvara Temple was completed in 1010 CE during the Chola dynasty. The paintings in the temple are examples of the art from the Chola period.

Based on the historical dating and the order of periods, the chronological sequence of the evolution of Indian painting from earliest to latest is:

1. Bhimbetka rock art
2. Mahajanaka Jataka, Ajanta
3. Royal portrait, Sittannavasal cave
4. Heavenly musicians, Brihadishvara temple

Therefore, the correct chronological order is outlined by the option: 2, 1, 3, 4.

This option reflects our listing above, starting from prehistoric rock art to later temple paintings.