We are given that \( T((1, 2)) = (1, 0) \) and \( T((2, 1)) = (1, 1) \). To find the inverse of \( T \), we first express the vector \( (p, q) \) as a linear combination of the vectors \( (1, 2) \) and \( (2, 1) \). Let:
\[
\begin{pmatrix} p \\ q \end{pmatrix} = a \begin{pmatrix} 1 \\ 2 \end{pmatrix} + b \begin{pmatrix} 2 \\ 1 \end{pmatrix}.
\]
This gives the system of equations:
\[
p = a + 2b \quad \text{and} \quad q = 2a + b.
\]
Solving for \( a \) and \( b \) in terms of \( p \) and \( q \), we obtain:
\[
a = p + q \quad \text{and} \quad b = 2p - q.
\]
Thus, \( x = p + q \) and \( y = 2p - q \), which corresponds to option (B).
Thus, the correct answer is (B).