On latest ubuntu I could not find my grub configuration file. I was looking for it in standard path /boot/grub/menu.lst but it was not in the file system at all.
First I thought it was mount-related problem but the answer is much easier.
Grub version 2 does not have menu.lst. It uses much more beautiful /boot/grub/grub.cfg stored in the same path. This file is on my Ubuntu auto generated from templates stored in /etc/grub.d and settings from /etc/default/grub therefore it shoultn't be edited directly because these changes will be overwriten next time.