I have the same problem and I solved it by manually installing the Adobe PDF printer using the instructions found here. My guess is that one of the system file is missing (pscript.hlp in my case) so the printer failed to install during setup.
Incidentally, you can use the same technique to install multiple copies of the Adobe PDF printer in the same system (each under a different names). Ideal if you want different default settings for each printer.
Hope it helps.