Visual Studio Identity Support Works with .Net 4.5 Only
Visual Studio has an Identity and Access tool extension which enables simple integration of claim based identity authentication into a web project (WCF and ASP.Net)
It turns out that the tool depends on Windows Identity Framework (WIF) 4.5 which was integrated into the .Net framework and is not compatible with WIF 4.0.
For .Net 4.5 only applications you will see the following when you right click the project.
“Enable Windows Azure Authentication” integrate your project with Windows Azure Active Directory (WAAD). “Identity and Access” integrate your project with Windows Azure Access Control Service (ACS) or any other STS (Identity Provider) including a test STS which will run on your development machine.
If you install the Identity and Access tool extension and you don’t see the above option just change your framework to 4.5.