The file "iTunes Library" cannot be read

Hi I'm running a MBP with "all software up to date" including LION OS 10.7.2.  My iPhone is running 5.0.1.  Every time I try to open iTunes on the MBP I get this message:
"The file "iTunes Library" cannot be read because it was created by a newer version of iTunes."
Any clues?  Advice?  i'm at a loss (but then I'm of limted use at this stuff anyway)
Thanks!

Daniel hello,
you have something not right and I suspect is is to do with the receipts files... the receipts hold all the package info for the verion being accessed and if you have more than one iTunes.pkg file in the receipts folder you can get this type of behaviour...
To remedy follow the instructions here and reinstall again... do it all from the top... make a backup copy of the iTunes Library file in the iTunes folder before starting, put it somewhere safe like on a blank CD and burn
come and let's know how you get on Daniel and any problems come and check here 1st ... TP

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