Text (US+errata): At the beginning of each player's upkeep, that player returns a permanent he or she controls to its owner's hand unless he or she pays 2 life. [Oracle 1999/05/01]
You choose to pay the life or not pay the life during the resolution of the ability. [D'Angelo 1999/05/01]
If you only have 1 life, you cannot choose the pay 2 life option. [DeLaney 1998/10/05]
If you don't have a permanent to choose, you can still choose to not pay the life and then just do nothing since there is no permanent to choose. [bethmo 1998/11/24]
