I can't create a New Team Project from Team Explorer in VS 2010 Profesional because of the below error message:

TF30172: You are trying to create a team project either without required permissions or with an older version of Team Explorer. Contact your project administrator to check your permissions or to determine how to upgrade Team Explorer.
I'm an administrator in TFS and part of the "Team Foundation Adminstrators" group. What could I possibly be doing wrong?
Also, I've installed SP1 for VS2010 and the KB2662296 Hotfix.