Windows Explorer: Folder Options 'Restricted'

I have a computer where I can't access the Explorer Folder Options (specifically the Folder and Search options under the Organize submenu.)

When I select it, I get an error message labeled 'Restricted.' The text reads "This option has been cancelled due to restrictions See your administrator."

However, I should point out that I DO still have admin priveleges. I can access any other menu or option. I can edit the registry, change the internet explorer options, use the group policy editor, whatever.

Most of the potential solutions I found relate to either a program changing the restrictions for Explorer folder options; but the associated registry entries where those restrictions would normally be 'keyed' are not present.

Editing the group policy (which by default is 'not configured') to 'disable' the 'Remove Folder Options' policy has no effect whatsoever. Editing the registry, adding keys, and then disabling them, also has no effect.

Using NOD32 and scanning in safe mode results in no infection found, and I'm not seeing the telltale signs of an infection (such as limiting my admin priveleges in other areas, like registry editing or using the control panel applets.)

Hijack this does not provide any clues; it all looks clean (with the exception of some leftover services from TuneUp Utilities, which I ended up cleaning out manually.) Cleaning this did not change the problem at hand.

Using a restore point from several days ago did not fix the problem. I could go further back but I don't even know when this problem began. Maybe as long as a month ago.