I updated to the newest version of itunes, now I cannot open the program. I get the message "The file iTunes library.itl cannot be read because it was created by a newer version of iTunes". What now?

I updated to the newest version of iTunes and now I can not open the program. I get the message "The file iTunes library.itl cannot be read because it was created by a newer version of iTunes". What now? I'm using Windows Vista.

Had same problem and solved it without having to reinstore any music or movies:
1. Delete old Library file
2. Go to the 'Previous iTunes Libraries' folder and copy one of the earlier files - note, they have a date extension, e.g. 'iTunes Library 2011-11-01'.
3. Paste this file in your iTuners folder and rename file by removing the date extension -  'iTunes Library'
You should have all your music and paylists in tact, unless it was a really old previous file.

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