This is not added via Team Favorites. It will automatically show up if your user account is setup with "Full" Access vs the default Standard access (you will also get the links to View Backlog and View Board to access the Agile Planning functionality).
You can configure the user access levels by going to the settings page (gear icon in upper-right), then navigating to the root Control Panel (using the breadcrumbs in upper left), then choosing Access Levels Tab.