Hi, I am having the same issue. We are using 64bit Windows 7 operating system with ArcEditor 10.1 and Enterprise ArcSDE. This problem is inconsistant. On a machine, it will work for the same user one day and the next day, the version manager window will not show up. We don't get get an error or anything - nothing happens.
I tried shutting down the PC today, started it back up, clicked on the Adminstration from ArcCatalog, then the administer geodatabase and it started working but only after the shutdown. I did the same shutdown on another machine in here and still no response. It is so inconsistant it's difficult to track down the issue. We have another user that was using the version manager just fine a couple of days ago - he tried it today on the same computer and no response, no error, nothing. I asked him to try the reboot but he has not had a chance to do that yet.
I am still trying to track down this problem but if you have an answer for me, please let me know. It's very odd to see this and not even get an error, ArcMap just keeps right on working as if you didn't even press the version manager button.
Thanks,