Hey tongcc99,
So I had to jump in on this as your configuration seems incredibly similar to mine. All though not completely relevant if you could include the 'brand' of your MoBo and GFX cards there is an outside chance it could make a difference in helping you to arrive at a solution.
However.. having said that, I do have a suggestion on what may be holding you back and how you can "fix" it. I encountered a similar issue when upgrading my drivers using the old SLI patch. I don't know why it happened but.. this is what I did to fix it. Grab a copy of Driver Sweeper (can be found in multiple posts all over this form or using that google thing all the kids are talking about). Also grab a copy of CPU-ID or any other program that will show you if virtualization is enabled/functioning inside the loaded windows environment.
Reboot your machine in too safe mode and use uninstall and then Driver Sweeper any lingering NVidia components away then uninstall HyperSLI as well. *note* Just for good measure I also removed the HD Audio and PhysX as well. Reboot normally and open CPU-ID (or equivalent) to see if it is showing virtualization as being enabled. At this point because HyperSLI is not resident in memory and not loaded it should report as being enabled under windows. If not then you may need to seek out a BIOS update to fix it. Once you can confirm that Virtualization is functioning in Windows, install HyperSLI (Even if you have set all your permissions and disabled UAC to install HyperSLI right-click and chose the "run as administrator" option (this is what made the difference in my situation)and reboot once again. Once you are back in windows, bring up the HyperSLI window and confirm that it shows it is "functioning correctly". Now reinstall your chosen driver version (296.10 is what I am running and can confirm it works). Reboot one final time and give it a try.. the option should be available at this point. If not well.. let me know and post your MoBo/GFX manufacturer details as well as your current BIOS and ChipSet (NB/SB) Driver version.