I will tell you now that I do not have an answer to your problem. I will also
tell you that I have the same problem or very similar, just downloaded the
SQL Server Express Manager CTP and it installed fine but when I try to run it
the .net framework 2.0 version number that was installed with Visual Studio
.net 2005 Beta  is older that that one needed for the Manager. I suppose
someone and somehow we could possibly find someone and somewhere within the
bowels of microsoft development skunk works who has actually connected these
betas with the same framework. Maybe we should wait until the retail versions
are available. Its definitely lonely out here on the bleeding edge. On the
helpful side to microsoft beta guys I wonder if there is a way for beta
development guys to have a an area on the msdn download site where these 2.0
framework versions can be available, then we could maybe switch them in and
out as needed when different beta technologies require it.

Anyway I'll play with what I have for the moment