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Try this, maybe it will restore the option:

go to...Start / Run and type:

"REGSVR32 SHIMGVW.DLL"
(without the quotes)(Yes, there's
a space between 2 and S)

Click...OK.

A dialog box should report the following:

"DllRegisterServer in SHIMGVW.DLL succeeded"

Also, have a look at the following articles:

(291257) Picture Tasks Options Are Not
Available in a Folder That Contains Images
http://support.microsoft.com/?kbid=291257

(299542) Filmstrip View Is Not Available
http://support.microsoft.com/?kbid=299542

Filmstrip view is available if your folder is set as a photo folder.
Right click on the folder name. Click on Properties. Click on the Customize
tab. For folder type, select Pictures.

You will only get the Film Strip View if you set your folder to be a
"Photo Folder"

Right click on the folder name.

Click on Properties.

Click on the Customize tab

Then for folder type, select Pictures.