Step 1: Among the given choices, prolactin reaches its maximum level 24 hours after delivery.
Step 2: After delivery, the sudden fall in estrogen and progesterone releases the lactotrophs from inhibition, and prolactin surges to support lactation.
Step 3: Prolactin also rises with strenuous exercise and with sleep, but the sleep-related rise is during NREM (deep) sleep, not REM, so option 2 is wrong. The exercise rise is real but far smaller than the postpartum surge.
Step 4: About 24 hours after ovulation, estrogen exerts negative feedback that lowers prolactin, so option 4 is incorrect.
So the correct answer is 24 hours after delivery.