This problem can be caused by some viruses or when administrator applies certain policies on the system.in both the case,user of the system suffers.Now, no more suffering.Here is the solution to your problem
METHOD 1 :
Here’s how you can get Folder Options back..
1: Open Start->Run
2: type gpedit.msc and hit enter
3: now in the Group Policy window, from the left pane, select user configuration->Administrative Tempelates->windows components->Windows Explorer by highlighting it with the mouse cursor..
4: now in the right side you will see an option which says "Removes the Folder Options menu item from the Tools menu"
5: right click on this option and select properties
6: now in the properties under Setting tab, select Disabled and hit OK
Open the registry and find the key [HKEY_CURRENT_USER’Software’Microsoft’Windows’CurrentVersion’Policies’Explorer]