I upgraded to lion on the day it was released. After that I updated my system twice even then I am not able to see any cut paste option as specified [here](http://osxdaily.com/2011/07/29/cut-and-paste-mac-os-x-lion/).

![enter image description here](https://i.stack.imgur.com/C79bN.jpg)

Mine is still:-![enter image description here](https://i.stack.imgur.com/BQ26H.png)

Note: Command+Option+V is not working for me. Nothing happens :(