
I ran through this process on multiple SharePoint accounts. The creates the mapped drive and it works, again, flawlessly.

Once that is open, you can open the location as you would before as a mapped drive - right on 'This PC' > Show more options > Map network drive., copy and paste the SharePoint address opened in the Explorer window to the Map drive window and assign a drive letter. Once in there, click on Library and then mosey over to 'Open with Explorer' and viola! that will open successfully. Next, use the ever so helpful "Return to Classic SharePoint" at the bottom left in the column where you can navigate SharePoint. You can also Click 'Manage' for more options or simply select 'Done' if nothing else is needed. You can set the page to open like this for next time as well. The page reload in IE mode and will display a pop-up letting you know that the page has now been loaded into compatibility mode for IE11 by default.

Patience is a virtue, especially in SharePoint land. Right click on the SharePoint webpage tab and select "Reload tab in Internet Explorer mode." The page will begin to reload and may take some time to reload. Once that is verified and checked, navigate to the SharePoint location you are going to map.

You can optionally add websites below that to have them open in IE mode when navigating to that particular website. Go to Settings > Default Browser and verify that "Allow sites to be reloaded in Internet Explorer mode" is set to 'Allow'. Microsoft has this sweet new feature in version 98.
