I tried something and seems like it has to do with the Theme used.
I switched back to MyStile theme, where i got the option to update framework, updated the framework and the shortcode button reappeared.
Then i switched back to my vantage theme and it was gone again.
I conclude the error lies with the developer of the Theme – the lack of updating the framework.
If anyone got a fix, please post it.
The annoying workaround would be to install a dummy site with MyStile theme and copy/paste the code.
I think i will learn how to insert the shortcode from
http://docs.woothemes.com/document/shortcodes/
