It obviously sucks to be me because there is no playlist menu entry to be found. I also created a playlist from the UI as well hoping that it would show up but it didn't although it's available from the admin site.
Go to the admin page then: Wizard => scenarios => Media Scenarios
You should have a list of options with tick boxes for each MD. Make sure the "Playlists" tickbox is ticked for the MD in question - then do a full orbiter regen...
You should then have the "Playlist" option under the Media section in UI1 & UI2...(its under Media directly - not under Audio as you can have Video and Audio Playlists).
Ths might help a little with navigation. I thought Thom did a good one as well (on media tagging) but I can't find it...http://www.youtube.com/watch?v=J91ZpL0FX6Y&feature=PlayList&p=90667B1106FFFA86&playnext=1&playnext_from=PL&index=10