I had the same problem, I used the method two and it works.
But reading the method two I found, in the top of the page, my real problem, about the autorun.inf files.
I used Flash_Desinfector.exe and i have in all my drives the Autorun.inf folder created. That was the reason for my labels won't display in My Computer.
Next, I restored the method two to it's default and made a .reg file that disabled the execution for all autorun.inf's things, from my system. (you can create a .reg file that will disable only fixed disk autorun's - you don't need to disable all autorun's if you don't want that)
Now I can edit my labels normaly and everything it's back to normal.
(if you are asking why i don't just deteled the autorun.inf folder from all my hard drives.... you know the answer... the Flash_Desinfector.exe makes a autorun.inf 'place holder' against viruses)
The mothod two it's good, but if you want to change one of your disk with another one, the label will stay the same, because with the method two, the labels will be assigned per letter and not per hard drive (or partition).
As example I have two external hard drives that I never use in the same time. Normaly, both of them have their own label. When i connect one of them in the F:\ letter, both of them get the same label. I don't want that, of course.
sorry for my english, i hope it can be read
If your problem it's because of a autorun.inf file, just delete it, or use my method if you want to keep the autorun files.
I have attached the .reg files for disabing Autorun.inf in Windows 7 and some more notes how to create the files.