FYI, the "Recycle Bin" option is not present under "Desktop icons" in my systems here.

Replied to [POOFO]s message :

Right click Desktop, Choose Properties
Go to Desktop tab, Click on Customize button
Tick Recycle Bin, Click OK twice.

Good Luck, Ayush.

That is not an option.  There are four options and Recycle Bin is not one of
them.

Right click Desktop | Properties | Desktop tab |
Customize Desktop button | General tab |
Desktop icons | Select what you want on the Desktop:

My Documents
My Computer
My Network Places
Internet Explorer

Desktop icons
[[Specifies whether these Windows items will appear as icons on your
desktop.  Select the check box if you want the item to appear on your
desktop; clear the check box if you do not want the item to appear on your
desktop.]]

The Recycle Bin (full) and Recycle Bin (empty) icons appear as choices to...
[[Displays the icons used for items on your desktop. To change the icon for
a particular item, click the item, and then click Change Icon.]]

Change Icon button:
[[Click to change the icon for the selected desktop item.}}

Restore Default button:
[[Click to use the Windows default icon for the selected desktop item.]]

The Recycle Bin Does Not Appear on the Desktop After You Install Norton
AntiVirus
http://support.microsoft.com/kb/819255

Recycle Bin Does Not Appear on the Desktop
http://support.microsoft.com/kb/810869

Recycle Bin = {645FF040-5081-101B-9F08-00AA002F954E}

HKEY_CURRENT_USER\Software\Microsoft\Windows\
CurrentVersion\Explorer\HideDesktopIcons\NewStartPanel
and/or
HKEY_CURRENT_USER\Software\Microsoft\Windows\
CurrentVersion\Explorer\HideDesktopIcons\ClassicStartMenu
Value Name: {645FF040-5081-101B-9F08-00AA002F954E}
Value Type: REG_DWORD
Value Data: 0 or 1
0 = Visible
1 = Hidden