Operation not performed The workspace <workspace>;<username> has been deleted

Today I had to migrate a whole bunch of projects from Visual SourceSafe to Team Foundation Source Control and things didn't all go all that smoothly. When I tried to change the source control bindings for one solution I received the following error message:

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Microsoft Visual Studio
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Refresh Source Control Status: Operation not performed The workspace <workspace>;<username> has been deleted. Please refer to the Output window for more information.
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OK
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Where <workspace> was replaced by my workspace name and <username> by my username which is the reason I blacked it out. When I queried the table tbl_Workspace in the TfsVersionControl database I could see the workspace. Hoping that this would be a caching issue I restarted Visual Studio 2005 and the problem was solved.