Why does my USB Flash drive not show up in Explorer or My Computer

The most hectic issue. Workaround was to open Disk Management in My Computer > Manage window and explore the flash drive from there.

But finally I have found the fix. The problem child was Daemon Tools.
Simply renamed the SPTD.sys file in C:\[WindowOS Folder]\System32\Drivers folder. And it started working. Although had to get rid of Daemon tools for the time being, till they resolve this issue in their newer release.