Where did Group with Previous Layer go?

In PS 7, when you held the option down and clicked on the "create adjustment Layer" (for hue/saturation or others), you used to get the opportunity to "group with previous layer" before the dialog opened.

In Photoshop CS, the option now reads "Use previous layer to create clipping mask". The results seem to be quite different. Is this new option the same and I'm doing something else wrong when trying to group a hue/saturation adjustment with a previous layer, or is there now a different way to get the "group with previous layer" option?

Thanks.