If you do not see Folder Options item in all Windows Explorer menus and in Control Panel and if you can still access the registry, then you can repair this problem as follows

type regedit (in Vista you can type this in the open box)
press Ok
that should open the windows registry editor
Now click through to reach the following keys
HKEY_CURRENT_USER\Software\Microsoft\Windows\Current Version\Policies\Explorer
HKEY_LOCAL_MACHINE\Software\Microsoft\Windows\Current Version\Policies\Explorer

in the right panel, if you see a Value named "NofolderOptions = 0x00000001"
delete it.
Close the registry editor

- if you can't access the registry
see this link to enable registry tools