I've sent a support ticket to IK Multimedia to try to resolve the issue and will wait on that for now. I tried to manually scan the vstplugins folder in the Cakewalk directory and it found Sonik Synth 2, but gave me an error saying something about "Main Call", and it asked me if I wanted to enable or disable the plugin. I tried enabling the plugin, but it still didn't show up in the vst instruments list. It did however show up under the FX list and I tried enabling it as an effect on a regular track and it didn't work as it gave me some kind of error and asked me if I wanted to report it to Cakewalk, and it also crashed Sonar.
I've attached a picture of the "Main Call" error while doing the VST scan for Sonik Synth 2.