Recently after doing the Windows 8.1 upgrade, one issue I had is when I would right click the desktop I would get the little circle for about 15 seconds before I could see the context Menu. After looking online for a solution everyone said to first update your video drivers. So if you haven't done that do that now.
For me that didn't work. The right click menu also looked very clean as if there was no 3rd parties attached, so I was confused.
Then I downloaded the application "ShellExview"
I started by arranging by Product Name which put all Microsoft and Internet explorer together. Leaving all the 3rd party apps in a group at both the top and the bottom. I then did a mass select of the top half first and then told the ShellExview to disable them. The key is to restart the explorer shell after disabling.
Locate "Windows Explorer" then click the restart button in the bottom right.
Then try your right click, if it hangs, renable everything you just got done disabling. Then restart the Windows Explorer shell one more time and then move onto the next set. If you find disabling one of the groups makes your desktop right click menu work again, go through the group and renable each item one by one, restarting the Windows Explorer shell each time until you find the one causing the issues.
In my case, the problem was being caused by "NVIDIA Shell Extensions".
Hope this helps people experiencing this issue.