Step 1: Understanding the concept.
The body becomes weightless when the gravitational force is completely balanced by the centrifugal force due to the rotation of the Earth. The centrifugal force is given by:
\[
F_{\text{centrifugal}} = M \omega^2 R
\]
where \( \omega \) is the angular velocity of Earth. The condition for weightlessness is when the centrifugal force equals the gravitational force:
\[
M g = M \omega^2 R
\]
Step 2: Calculating the angular velocity.
The rotational kinetic energy of the Earth is:
\[
KE = \frac{1}{2} I \omega^2
\]
where \( I = \frac{2}{5} M R^2 \) is the moment of inertia of the Earth. Setting this equal to the required condition, we solve for \( \omega^2 \), and find that the critical value of the rotational kinetic energy is \( \frac{MgR}{5} \).
Step 3: Conclusion.
Thus, the critical rotational kinetic energy is \( \frac{MgR}{5} \), corresponding to option (B).