|Okay, with the upcoming Microsoft.NET Framework 4.0 (currently in Beta2 Stage), IIS Application Pool can be run under either Framework Version 2.0 or Framework Version 4.0.|
If you should receive this error Message, just go switching the .NET Framework Version for the affected Application Pool under IIS.
Error: The application pool that you are trying to use has the ‘managedRuntimeVersion’ property set to ‘v2.0’. This application requires ‘v4.0’.
Error count: 1.
Navigate to the affected Server, Select Application Pools. Now double-click the DefaultAppPool and choose .NET Freamework v4.0.21006 (Beta2 atm)