Following the implementation of day to Karmic Lucid I can not find the little applet control its in my task bar ubuntu.
Apers some research, it now seems that this setting is part of a package applet called "notification applet.
To find the volume control in ubuntu which preferred to simply right click on the taskbar -> Add to Panel then select "Notification Applet" and click Add.
If everything went well you have found your sound setting. Otherwise leave a comment below.
