In order to change the OneDrive folder location in Windows 10, Windows 7 and previous versions of Windows, you must unlink OneDrive from your account and then repeat the setup process:
1. Create a new folder called "OneDrive" in the desired location
2. Right-click on the OneDrive icon in the notification area and then select Settings
3. Select "Settings" and then select "Unlink OneDrive"
4. Follow the setup process again and ensure to select the new drive or location to have OneDrive sync to; you must wait for your files to download again to the new location