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Great question, Moon! Researchers still aren't sure about the true dynamics behind sexual orientation. Currently, the common consensus is that one's sexual orientation has a strong genetic factor, especially in men. In fact, most research has been done with gay men, and it has been found that there is a particularly high correlation in homosexuality in identical male twins and less so in fraternal twins. Also, gay males tend not to be the first-born male child. Many researchers feel that the gene for male homosexuality may be located on the X chromosome.


However, many feel that it is not genetics alone that accounts for one's sexual orientation, especially when it comes to women. You mentioned the '50s: That is when Dr. Alfred Kinsey research on human sexuality shook the world. He discovered that sexual orientation was a continuum. On his famous 7 point scale, a score of 0 represented an exclusive heterosexual orientation and 6 represented an exclusive homosexual orientation, and everything in between represented varying degrees of bisexuality. Kinsey's research revealed that most people fall in between the two extremes.


My own surveys, such as the Masturbation Survey, bears this out. Interestingly enough, a very high percentage of women in my surveys identified themselves as bisexual/predominately straight, as opposed to men who tended to be a bit more polarized; i.e., more exclusively gay or straight. 


Sexual orientation is probably more "fluid" for women than men, insomuch as women are more apt to change their sexual preference "mid-stream" than men. In fact, many women end up leaving a man for another woman, having never been sexually involved with a woman before. This indicates that, for some women, gender is not as important as the person to whom they are attracted.


Interestingly enough, research was done on how "straight" men and women differ in their response to watching porn. While straight men were only stimulated by watching lesbian or heterosexual porn as opposed to gay porn, straight women were stimulated by watching both!


To answer your question, sexual orientation isn't some bullshit societal construct, but expected gender roles and behaviors are.


At any rate, you just inspired me to do some work on this. Thanks!