After version 2.1 you will no longer find the Theme Options panel link in the WordPress administration menu. The old Theme Options panel is deprecated for a while now and if you were still using it, you should now switch to Appearance > Customize. You will find the same options in the Customizer which improves the workflow a lot by providing live previews while changing settings.

This is part of our continuous improvement approach. With one of the following releases the old Theme Options panel will be completely removed and that will allow us to move forward with the development of the theme towards version 3. Technically speaking, we're moving away from the Redux Framework towards Kirki. That would allows us to bring new features with more flexibility.

This is all background work, users or their sites shouldn't be affected in any way.