It's very common (and annoying) for applications to not bother redrawing their systray icons when explorer crashes (although to be fair, explorer should take care of it).
Although I guess it should be considered a bug seeing as the WLM icon is redrawn properly when explorer is restarted. Plus! should either hook this redrawing or just catch the "TaskbarCreated" message itself and draw it's own icon.
This could even be done in a script if I could be bothered