Update: Premanent Fix for the issue is here.
If you are trying to click on any option in Site Action Menu like “View All Site Contents”, “Create Site”, “Site Settings” etc… and you are not getting any response then the mode in which your browser is running is not correct.The mode is set in Sharepoint master page and how to set it to generic, I’ve no Idea 🙂 but I’ll be looking for it and post it back.To work around this issue you can press F12 in your browser (when you are on a perticular sharepoint page you are working with) or go to Tools and then F12 developers tools.
Play around with last two options i.e. Browser Mode and Document Mode.
If rendering is set in Master Page for IE 8 and you are in IE 9 compatibility mode (Browser mode), it will not work.
If it is set in master page for IE 9 and you are in IE 8 Standards in Document mode, it will not work.
So play with browser mode when document mode is set to IE 8 standards,
then play with browser mode when document mode is set to IE 9 standards.
In some combination it will work :).
Update : Permanent Fix for the issue is here.