Google has temporarily removed the time line feature from search options. The new Google search options went live in early May. We have a screen shot from even before that shows the time line feature. But it has now been removed.
Current vs Old:
Notice it is now missing, next to "Wonder Wheel." Why? Well, Google said this is only temporary.
In a Google Web Search Help thread, Googler Jaime said:
Hey there -- not to worry, the Timeline will be back soon. There was a small bug we had to work out but we'll restore this option as soon as things are ironed out (shouldn't be long).
Glad you're finding Timeline and Wonder Wheel useful!
There is currently no ETA for when it will return, it has been missing since Monday, October 26th.
Forum discussion at Google Web Search Help.
Update: The Timeline feature is now back as of November 3rd.