Web server is not running ASP.net version 1.1

Hi!
I have installed Visual studio.net on Windows XP 2002, SP 2. IIS is working properly. But when i press Asp.net web application from the new project menue the following message appears on the window:
visual studio.net has detected that the specified web server is not running ASP.Net version 1.1. You will be unable to run Asp.net web application and services.

I am new user of .Net. Can anybody tell me that why am i facing the above message?
Regards,
Mizi.

Try to register asp.net with IIS via the cmd line tool aspnet_iis -i. The cmd should be in the C:\WINDOWS\Microsoft.NET\Framework\v1.1.4322\ folder.
Small correction to the above post.. The executable is named aspnet_regiis.exe