I'm using 2.1 (Build: 20110701) and having a go with Custom Menu's but if I use the example given, this results in the URL being shown instead of the Text:
And if you click on the link you get the following error message:
The requested URL /admin/<a href= was not found on this server.
Which is not surprising as the output is rendered as:
Is anyone else seeing this?
And can anyone tell me which files control the custom menu items?