For some really odd reason, Apple left the the key for "Option click to position cursor" out of the com.apple.Terminal.plist. Thus, changing the preference in the Show Info window doesn't do anything because there's no place to write the change! However, I experimented with putting the key from 10.1.5 in the file and it worked! Hence, it was no more than an oversight because the Terminal reads it.
You can put it back yourself with the following Terminal command:
% defaults write com.apple.Terminal OptionClickToMoveCursor 'YES'[Editor's note: I'd never though to try this simple fix ... very cool!]
Mac OS X Hints
http://hints.macworld.com/article.php?story=20021010065000335