Should be under the Tools menu for all versions of Outlook.
/neo
ps - this option can go missing for several reasons.
1) the exchange extension addins are being loaded (see tools | options |
other | advanced options | addin manager)
2) user is not connecting to a microsoft exchange server via the exchange
transport (pop/imap/smtp user can simulate the feature by using the rules
wizard. downside is that outlook must be left running and checking mail
during their "away".)