In Windows 98 a short cut for control panel was available in the My Computer itself. In windows Xp, the control panel icon is not available in My Computer icon by default.
To place the Control Panel icon in the My Computer in windows Xp follow the instructions shown below:
Open My computer and then go to tools > folder options.
(Note that folder options can also be opened through control Panel > folder options).
Under folder options, navigate to the view tab and then under the advanced settings, check the check box “Show Control Panel in My Computer” and then click the Ok button.
Now you will be able to find the Control Panel icon shortcut in My computer. No restart is necessary.