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The last updates from Fedora repos seem to have broken the NetworkManager extension for PPTP, this prevents a user from creating a VPN connection using the mentioned protocol.
The errors you might find when you grep /var/log/messages are:

But you can solve the problem by issuing the following command as root:
yum --enablerepo=updates-testing update NetworkManager*

Query the rpm db to check your packages and check yours against the thread in the link below:

# rpm -qa | grep ppp
rp-pppoe-3.10-6.fc12.x86_64
ppp-2.4.5-5.fc12.x86_64
# rpm -qa | grep -i networkmanager
NetworkManager-0.7.998-2.git20100106.fc12.x86_64
NetworkManager-pptp-0.7.996-4.git20090921.fc12.x86_64
knetworkmanager-0.9-0.12.20100220.fc12.x86_64
NetworkManager-openvpn-0.7.996-4.git20090923.fc12.x86_64
knetworkmanager-vpnc-0.9-0.12.20100220.fc12.x86_64
knetworkmanager-libs-0.9-0.12.20100220.fc12.x86_64
NetworkManager-vpnc-0.7.996-4.git20090921.fc12.x86_64
NetworkManager-glib-0.7.998-2.git20100106.fc12.x86_64
NetworkManager-gnome-0.7.998-2.git20100106.fc12.x86_64

This should have fixed the problem however it didn’t so some more reading and the final step:
yum --enablerepo=rawhide update NetworkManager-pptp

Running Transaction
Updating : 1:NetworkManager-pptp-0.7.997-3.git20100120.fc13.x86_64 1/2
Cleanup : 1:NetworkManager-pptp-0.7.996-4.git20090921.fc12.x86_64 2/2

Check the log:

NetworkManager: Starting VPN service ‘org.freedesktop.NetworkManager.pptp’…
NetworkManager: VPN service ‘org.freedesktop.NetworkManager.pptp’ started (org.freedesktop.NetworkManager.pptp), PID 8329
NetworkManager: VPN service ‘org.freedesktop.NetworkManager.pptp’ just appeared, activating connections
NetworkManager: VPN plugin state changed: 3
NetworkManager: VPN connection ‘MyConnection’ (Connect) reply received.
pppd[8333]: Plugin /usr/lib64/pppd/2.4.5/nm-pptp-pppd-plugin.so loaded.
kernel: PPP generic driver version 2.4.2
pppd[8333]: pppd 2.4.5 started by root, uid 0

You can read more about it here:
https://bugzilla.redhat.com/show_bug.cgi?id=548520
and here:
https://bugzilla.redhat.com/show_bug.cgi?id=543002

P.S. dont forget to disable the updates-testing repo (yum --disablerepo=updates-testing and yum --disablerepo=rawhide) as root of course.