I have pagelines Pro installed on wordpress 3.5.1
I can remove the watermark from the first site I built in mywordpress network but the subsequent sites do not offer me the same dropdown options.
This is the path that I took to get to the option in the primary site.
pagelines\site options then scroll to pagelines watermark.
In my secondary site there is only the "Pagelines Options" button. Which does not offer this setting.