Index: src/wp-admin/menu.php
===================================================================
--- src/wp-admin/menu.php	(revision 38252)
+++ src/wp-admin/menu.php	(working copy)
@@ -122,6 +122,8 @@
 		$edit_tags_file = "edit-tags.php?taxonomy=%s&post_type=$ptype";
 	}
 
+	$drafts_file = "edit.php?post_type=$ptype&post_status=draft";
+
 	if ( in_array( $ptype, $builtin ) ) {
 		$ptype_menu_id = 'menu-' . $ptype_for_id . 's';
 	} else {
@@ -139,6 +141,10 @@
 	$submenu[ $ptype_file ][5]  = array( $ptype_obj->labels->all_items, $ptype_obj->cap->edit_posts,  $ptype_file );
 	$submenu[ $ptype_file ][10]  = array( $ptype_obj->labels->add_new, $ptype_obj->cap->create_posts, $post_new_file );
 
+	if ( $ptype_obj->show_drafts_in_menu ) {
+		$submenu[ $ptype_file ][12] = array( $ptype_obj->labels->drafts, $ptype_obj->cap->edit_posts, $drafts_file );
+	}
+
 	$i = 15;
 	foreach ( get_taxonomies( array(), 'objects' ) as $tax ) {
 		if ( ! $tax->show_ui || ! $tax->show_in_menu || ! in_array($ptype, (array) $tax->object_type, true) )
Index: src/wp-includes/class-wp-post-type.php
===================================================================
--- src/wp-includes/class-wp-post-type.php	(revision 38252)
+++ src/wp-includes/class-wp-post-type.php	(working copy)
@@ -138,6 +138,17 @@
 	public $show_in_menu = null;
 
 	/**
+	 * Whether to display a link to 'Drafts' in the post type submenu.
+	 *
+	 * To work, `$show_in_menu` must be true.
+	 *
+	 * @since 4.7.0
+	 * @access public
+	 * @var bool
+	 */
+	public $show_drafts_in_menu = false;
+
+	/**
 	 * Makes this post type available for selection in navigation menus.
 	 *
 	 * Default is the value $public.
@@ -387,6 +398,7 @@
 			'publicly_queryable'   => null,
 			'show_ui'              => null,
 			'show_in_menu'         => null,
+			'show_drafts_in_menu'  => false,
 			'show_in_nav_menus'    => null,
 			'show_in_admin_bar'    => null,
 			'menu_position'        => null,
@@ -425,6 +437,11 @@
 			$args['show_in_menu'] = $args['show_ui'];
 		}
 
+		// If not 'show_in_menu', don't show drafts either.
+		if ( ! $args['show_in_menu'] ) {
+			$args['show_drafts_in_menu'] = false;
+		}
+
 		// If not set, default to the whether the full UI is shown.
 		if ( null === $args['show_in_admin_bar'] ) {
 			$args['show_in_admin_bar'] = (bool) $args['show_in_menu'];
Index: src/wp-includes/post.php
===================================================================
--- src/wp-includes/post.php	(revision 38252)
+++ src/wp-includes/post.php	(working copy)
@@ -23,6 +23,7 @@
 			'name_admin_bar' => _x( 'Post', 'add new on admin bar' ),
 		),
 		'public'  => true,
+		'show_drafts_in_menu' => true,
 		'_builtin' => true, /* internal use only. don't use this when registering your own post type. */
 		'_edit_link' => 'post.php?post=%d', /* internal use only. don't use this when registering your own post type. */
 		'capability_type' => 'post',
@@ -941,6 +942,8 @@
  *                                             level menu (eg. 'tools.php' or 'edit.php?post_type=page'), the post
  *                                             type will be placed as a sub-menu of that.
  *                                             Default is value of $show_ui.
+ *     @type bool        $show_drafts_in_menu  Whether to show a link to drafts in the post type submenu. To work,
+ *                                             `$show_in_menu` must be true. Default false.
  *     @type bool        $show_in_nav_menus    Makes this post type available for selection in navigation menus.
  *                                             Default is value $public.
  *     @type bool        $show_in_admin_bar    Makes this post type available via the admin bar. Default is value
@@ -1267,6 +1270,7 @@
  * @since 4.4.0 Added the `insert_into_item`, `uploaded_to_this_item`, `filter_items_list`,
  *              `items_list_navigation`, and `items_list` labels.
  * @since 4.6.0 Converted the `$post_type` parameter to accept a WP_Post_Type object.
+ * @since 4.7.0 Added the `drafts` label.
  *
  * @access private
  *
@@ -1297,6 +1301,7 @@
 		'filter_items_list' => array( __( 'Filter posts list' ), __( 'Filter pages list' ) ),
 		'items_list_navigation' => array( __( 'Posts list navigation' ), __( 'Pages list navigation' ) ),
 		'items_list' => array( __( 'Posts list' ), __( 'Pages list' ) ),
+		'drafts' => array( _x( 'Drafts', 'post drafts' ), _x( 'Drafts', 'page drafts' ) ),
 	);
 	$nohier_vs_hier_defaults['menu_name'] = $nohier_vs_hier_defaults['name'];