for future references since this thread is already 10 months old...
i have encountered the very same problem. Windows Explorer shows only "Local Disk" and it cant be renamed but in disk management the Drive name was all OK.
what i did was:
Open disk management under computer management console right click the affected drive and choose "Change drive letter and paths", now choose "Remove" drive letters.
then wait for 30 seconds and click refresh. and then click "Add" to regain the original drive letter. now, check your drives in my computer,, you will be able to rename the affected drives this time...