They are all correct.
There is very little difference between 'hold on' and 'hang on' in this context. 'Hang on' suggests more effort (perhaps because of greater speed), but either could be used in this situation.
Likewise, 'tight' or 'tightly' are both possible. 'Tight' is a flat adverb - like 'hard' or 'fast' - so it is correct to say "hold/hang on tight". In some cases, a flat adverb and its 'ly' counterpart have different meanings ( e.g. 'hard' and 'hardly'), but in this case they don't: 'tight' and 'tightly' are both used to mean the same thing.
The only thing wrong with the sentence is the choice of verb 'dash off', which is very unnatural :people dash, but vehicles cannot. If you're working from a book written by someone who thinks that buses can 'dash off', I wouldn't necessarily trust it.