I am having a similar issue, I recently upgraded all of the PC's (6) in our office to 10.1, only one PC has an issue with the Editor Toolbar. For some reason, the Editor Toolbar will not appear when activating it through the 'Toolbars list' or the 'Editor Toolbar Button'.
I am able to create a custom toolbar with most of the editor tools, but i cannot replicate the entire editor menu, and it will not auto-prompt the 'create feature templates' window to open.
I know it is a minor inconvenience, but is there a fix?? or possibly a file that was excluded during installation that i can drop into the <bin> folder?