There may be some chances when you are not able to view the Folder Option in Tools Menu in Window Explorer. Reason for this is virus. A virus i found for this reason is Brontok. This virus may disable the Folder Option. To enable that Please follow these given steps.

From Start Menu click RUN, and then write this gpedit.msc and click OK! Next click User Configuration and then Administrative Templates then Windows Component then Windows Explorer. Now the third option is there - Remove the Folder Option menu item from Tools Menu. Right Click this option and click Properties and then DISABLE this

Start > Run > gpedit.msc > User Configuration > Administrative Templates > 
Windows Component > Windows Explorer > Remove the Folder Option menu item 
from Tools Menu -- Right click on this option and disable it.

With this procedure your Folder option will be back. There is no need to restart the PC. If Explorer already opened then close it and reopen it. ................... :) Its(folder option) back