Wrap Around option is not visiable until you are adding an image, Also Wrap Around is an option for add Text to 3D model
Here are the Steps in Screen Shots:-
You now have a Cylinder in the Design View you then select the File in the insert menu.
Then I select the RS Logo that I have saved to my Desk Top
You then select the Wrap around option in the Design View, the other option is a flat surface placement option for image.
Once the Wrap Around option is selcted you then select the surface of the Cylinder as this is where you want the wraparound, you can position before you set here is a screen shot of how the RS logo Image has wrapped around.