TFSAdmin receives 'Microsoft.SharePoint.SoapServer.SoapServerException' error

Mar 6, 2007 at 6:19 PM
TFS sp1, SQL 2005 & Sharepoint 2.0 sp2 are all installed on one server.
Launch TFSAdmin v1.2 after I connect to my TFS server and I attempt to select a project I receive the following error message... "You do not have sufficient Permissions to Administer this Team project... Exception of type 'Microsoft.SharePoint.SoapServer.SoapServerException' was thrown"

I've run and receieved this error as the local admin and a domain admin. Local and domain admins have following permissions TFS Admin, Sharpoint Admin & Report services system admin & content manager.

Am I missing something?