I believe the All Messages>Menu>Draft option is only available if you actually have drafts saved. Otherwise, it is not an option.

 

I second that, it only shows if you actually have a draft

 

I don't know what to tell you, when i press menu while i looking at the list of all messages, i have a draft option as well as a "push messages" option. So it is still there after the update, maybe something is broke on your phone.

 

You can try to experiment by beginning a message, then pressing the "back" key to see if it gives you the "Saved as draft" notification. Then see if you have the "Drafts" option.

 

Yea, I have the same exact problem. I can't seem to find my drafts anywhere. There is NO draft option in menu.

 

I have a htc incredible, when I hit my "menu button" drafts came up as one of the options. Sure enough it brought up a large group of drafts including the one long message I was almost done with and got a "saving as draft" message". I spent the better part of an hour and a half today trying to figure out how to get to drafts.