OK. This is a known issue with OS X < 10.9, a fix will be released very soon . Sorry for the inconvenience!

It's been a week. Just wondering how 'soon' this issue will be resolved?

I am also running OS X 10.7.5 and encountered the same problem today. My bookmarks are saved in the drop down menu, but do not show up at the bookmarks bar. I tried to downgrade my opera to the previous version, but that keeps crashing. So I'm back to the newest version. Please fix this problem soon since I use my bookmarks bar constantly to switch between websites.