Gnome-terminal does not honor turning off "Show menubar by default in new terminals" pref

When I set the above pref "Show menubar by default in new terminals" to "off" by unchecking, newly created terminal windows still include the menubar. Even more curious, in order to make it go away, I have to click "Show menu" in the "View" menu, which will then show a checkmark for "on." Then I can select it again, which finally gets rid of the Menubar.

ProblemType: Bug
DistroRelease: Ubuntu 11.10
Package: gnome-terminal 3.0.1-0ubuntu3
ProcVersionSignature: Ubuntu 3.0.0-12.20-generic-pae 3.0.4
Uname: Linux 3.0.0-12-generic-pae i686
ApportVersion: 1.23-0ubuntu3
Architecture: i386
Date: Thu Oct 20 10:00:32 2011
InstallationMedia: Ubuntu 11.10 "Oneiric Ocelot" - Release i386 (20111011)
ProcEnviron:
 PATH=(custom, user)
 LANG=C
 SHELL=/bin/csh
SourcePackage: gnome-terminal
UpgradeStatus: No upgrade log present (probably fresh install)