Version 10.10 build 1893 is the current "final"..................version 10.50 is still in beta, and as it is a beta you cannot update from one to the other. You can download and install 10.50 alongside 10.10.........but that is fraught with problems when trying to integrate bookmarks/passwords/forms between the two and you are liable to lose the lot. Better to wait till it is final then do an over the top upgrade.
When 10.50 becomes final, you can update by going help>check for updates and let it to it's thing.
I am baffled by this bookmarks placement thing.
I do not usually use a panel or a personal bar, but set both up today and have been trying to achieve what you wish..ie bookmark on the personal bar but not in the panel.
I am getting the same problem as you....the little dialogue where you appear to have the option to nominate where you want the bookmark appears to be meaningless.
I have posted a question about this in the Opera forum...will relay any info.
edit to add.......
Definitive reply from the Opera guru, Tamil,.......................not possible to have it on personal bar but not in the panel..........
http://my.opera.com/community/forums/topic.dml?id=410951&t=1266244419&page=1#comment4226311Tamil has made no comment about the apparent personal bar/panel option boxes...will ask him again.