Ohh, looking through the code, this is actually a bug in my mind.

In public_common.pl, the following code is in $show_logout_noreg...

Code
	if(haspms > 0) {
		document.writeln("<" + "b" + "r />");
		document.writeln("<" + "a" + ' href="$ULTIMATEBB{"ubb=my_profile"}">' + "$pmnote_one " + haspms + " $pmnote_two<" + "/" + "a>");
	} // end if
No where does it add the image. The image is however in $show_logout