i am having the exact same problem except that for me even the label of c: is not shown. This problem occurs only in windows explorer. I guess this happened cause i recently had to remove autorun.inf virus from flash drive so i installed some programs on machine (flash disinfecter, autorun eater etc) and these might have tweaked the registry to disable autorun or something.
I had the exactly same problem, but figured out the solution by comparing the correctly-labeled and incorrectly-labeled drive permissions to each other. Incorrectly labeled drives were missing read access from the SYSTEM user.
So the fix was to..
1. Go to the "Security"-tab on the drive properties (right click drive -> "Properties")
2. Click "Edit..." -> "Add..." -> "Advanced..." -> "Find now"
4. Select "SYSTEM" from the search results
5. Click "OK" -> "OK"
6. Make sure the "Allow"-checkbox is checked at least for the "Read" permission of the newly added SYSTEM user
5. 2x "OK" again
Hopefully this solves it for others as well. If the SYSTEM user is already listed on the drive's Security -tab, then obviously something else is wrong. I can now also easily re-produce the problem by removing the SYSTEM user permissions from a drive (and rebooting), so at least this wasn't just luck.
Well nothing seems to be working and i dont know why the problem is happening either. When i go to properties of the drive the label field is empty. I tried entering labels for all drives and restart the machine but still it wont show up.
I tried murphi's method too.. the system is already present in the security tab. I tried removing that and adding again too still dint work.
And one last thing the drive labels are perfectly fine in Safe Mode ..its just the normal windows mode that its note showing up.
I ve attached a screenshot of the problem. Notice the drive info in my gadgets on the desktop, they show the labels .