NoFolderOptions Policy hides Folder Options from Control Panel, and the Folder Options… command under Tools menu in Windows Explorer. The Folder and Search Options command in the Organize menu (in Windows Vista) is grayed out as well.

If your system is not part of any network and this restriction was enabled without your knowledge, it could be caused by Virus or Malware. There are plenty of viruses which enable the NoFolderOptions Policy in the registry, and in addition, hides file extensions for known file types. To get the option back, use one of these methods:
Using Registry Editor
Launch Regedit.exe and navigate to:
-and-
Delete the NoFolderOptions value (if found) from the above locations
Exit the Registry Editor.
Using Group Policy Editor
Group Policy Editor is not available in Windows XP Home Edition and Windows Vista Home Editions. For all editions of Windows XP and Windows Vista, you may use the .reg file (under paragraph "Registry fix") to remove the Policy setting.
Note that this only resets the NoFolderOptions per-user Policy, whereas NoFolderOptions can be a per-machine setting as well.
1. Launch GPEDIT.MSC
2. Navigate to the following branch:
3. Double-click Removes the Folder Options menu item from the Tools menu
4. Set it to Not configured
Registry Fix
Download folderopt.zip, unzip and run the file folderopt.reg.
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I love you!! *muach~
I have the folder options, but am unable to change any file types under the file types tab. That option is grayed out for me. I have ran virus scan, uninstalled software recently installed, etc. No luck. Very frustrating. Any ideas how to get this back?
Excellent!!
Other posts only tell to remove from HKEY_CURRENT_USER and not from HKEY_LOCAL_MACHINE as well.
Thank you very much!
Ive been looking for this for ages!!! Thanks!
The NoFolderOptions key was not in the registry but adding it, and leaving the value blank worked.
Now on to the next task – Displaying icons in the bottom right of the windows bar (with no access to the properties).
I tried what you said (I have win Vista home premium), but still no,lck, my “Folder Option” is still missing..?
Thanks for the tip on fixing my disabled Task Manager but am struggling to get back my misssing folder options.