I ran into a similar problem when trying to setup a fresh system using VS2010 and the Windows 7 / .NET 4 SDK (v7.1). The solution turns out to be similar to the one for Visual Studio 2008, but in a different registry location. You want to apply the same edits, but the location is
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Microsoft SDKs\Windows
for 32b Windows and
HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\Microsoft SDKs\Windows
for 64b Windows.
Also, depending on your installation (for both 32b and 64b versions of Windows), you may also need to change the corresponding key in the HKEY_CURRENT_USER
tree.
You want to edit the following keys to point to the SDK version you want to use:
CurrentInstallFolder
CurrentVersion
ProductVersion
After making the changes, I restarted Visual Studio and it used the appropriate SDK version. I don't know if this is a bug in the SDK installer (one was logged for the WindowsSDK v6.1, but none for v7.1) or if it is by design, but everything seems to compile correctly after my changes.
Tested for 32b and 64b Windows 7.