When you say it LOOKs correct, do you mean the page source is correct? If so, and you click on it and aren't going to the correct place, perhaps you have some .htaccess on your site that is redirecting you to the wrong place.
And you forgot a parenthesis:
HTML Code:
<vb:if condition="is_member_of($bbuserinfo, $vboptions[gm_user_groups_allowed])">
Also, I don't think vbmenu_register is usedin the postbit any longer. You may need to see if the function is available there now.