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First you need to create the textfield, then, if necessary, you go to the Properties panel to change it to be a dynamic textfield. The textfield/text tool is found with all the other drawing tools... the large T.
I believe it would be where you see TLF Text on that drop down. If that is not selectable, then you probably need to create a different type of textfield. Unfortunately, I don't have CS5 and don't know what the deal is with the TLF textfields (they're new with CS5). But I believe if all you want is a dynamic textfield, you may already have it in front of you. IF that field containing "mytext" is the instance name, then it is an addressable textfield, which is dynamic.
Maybe someone else will come along with better info than I can offer.