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I updated our system to reflect a new list of reasons as to why we lost a particular opportunity. When I first click on the field to select one of the new custom statuses, the new statuses flash as options in the list and then quickly revert to the default statuses of "cancelled" or "out-sold". When I say flash I literally mean that; the custom options appear for about 1 second before disappearing.
Its working fine for me. Added couple options and I can select the custom ones as well.
It is possible that the it is a browser issue. Try different browser/ in private/ incognito browsing.
Hope this helps.
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