BuddyPress.org

I also have this problem and would love to know how to get the link from Admin->Groups->Create a Group to show up. You can access it by using yoursite.com/members/t{member}/groups/create that is; go to Admin->Groups and add /create to the url which will probably (does in my case) link to yourssite.com/groups/create/step/group-details/

Obviously this is not a good enough solution but it does show that the link is lurking there somewhere.