whoops. neither of those options are valid for 5.0 and should have been removed. looks like we missed the removal…
The showing of login/logout links and registration link is now controlled by your theme… so if you want to remove the, you need to remove the calls to the template tags sp_LoggedInOutLabel(), sp_LogInOutButton() and sp_RegisterButton()… in our default theme, they are in the spHead template file…
as we warn, you should not edit one of our supplied themes, but instead copy the theme to your own and edit it so if you update the theme you dont lose your changes…
this codex article will help:
http://codex.simple-press.com/codex/themes/creating-a-theme/
I have opened a ticket to get those options removed since they dont do anything in 5.0…