Thanks for your respond!
In the dropdown box from the screenshot you provde, I can only see Classic 3D.
I'm using After Effects CS6, I have ran an update, and all my adobe applications are recent.
I have After Effects working on my GPU which is enabled in the previews section.
I'm running Windows 7 and here is an image of my specifications: https://dl.dropbox.com/u/764943/Adobe%20PC.jpg
Consider re-installing after running the Creative Suite Cleaner Tool. Also check your file permissions. i get the feeling that the Picasso plug-in is not loaded properly on startup due to something going on there....
Thanks a lot Mylenium!
This explains it all. I remember that I removed the picasso plugin because it was trowing an error at startup. I'm going to reinstall it now.