Error: The Managed Metadata Service or connection is currently not available. The Applicaiton Pool or Managed Metadata web service may not have been started. Please contact your Administrator.

Error:

The Managed Metadata Service or connection is curretnly not available. The Applicaiton Pool or Managed Metadata web service may not have been started. Please contact your Administrator.

Reason:

The "SharePoint web services root" site may be stopped in your IIS. 

Solution:

Just follow the solution that I have given in my another post 

http://sensoft2000-sharepoint.blogspot.com/2010/10/error-security-token-service-is-not.html

Now, you will be able to see the MetaData service in your central admin.

Thats it...