OK. Then let's try to debug it.

Do you have access to code? If so, please, open a file called EditIFrame.ascx.vb (it's in a DesktopModules\IFrame folder) and comment out lines 407 and 408 by placing an apostrophy in front of each line, like so:

'Boolean.TryParse(CType(Settings(Controller.Properties.AllowTransparency), String), cbAllowTransparency.Checked) 'Boolean.TryParse(CType(Settings(Controller.Properties.Autoheight), String), cbAutoheight.Checked)

See, if you'll be able to get into Edit Options after that and let me know.

 IMPORTANT for everyone to know :)

This is NOT a typical situation. Most likely some old files were not allowed to be overwritten during the update. So, please, DON'T you all start commenting out any lines of code - here it was only suggested as a debugging technique. Once we would've determined the cause of issue, we would try and come up with a fix for this user. 

So, no need to be alarmed for anyone.