By clicking on the Users tab | selecting any user from the Schema Browser | clicking on the Script tab on the right hand side, it appears empty.
This occurs even if the Toad account is a sys user with full permissions.
Click on the 'View/Edit Script Options' button | Select 'Users' tab and find the option 'Grants on user's objects to other users/roles'.
This option needs to be unchecked in order to see the Create Script button again under the script tab.