Common newbie question - I installed VSTS but where is the team menu option? 

Answer: There is one more step you need to do before it will show up - install the Team Foundation Client component on top of Visual Studio. 

Also it is important to realize that currently the Team Foundation Client component is on a staggered release schedule so the release-to-manufacturer (RTM) builds of Visual Studio 2005 Team System (Developer, Tester, and Suite) will coincide with Beta 3 of the Team Foundation Client (TFC) and Team Foundation Server (TFS), with RTM of TFS and TFC shipping shortly thereafter.  For the full story see Soma's post at http://blogs.msdn.com/somasegar/archive/2005/08/22/451026.aspx