TF30177:Team Project Creation Failed

I am trying to create Team Project on VSTS Beta 3.

I am getting following issues

1) Unable to create Team project Error and Stack below:
10/26/2005 4:13:12 PM | Module: ELeadServiceMediator | Team Foundation Server proxy retrieved | Completion time: 0.5793852 seconds
10/26/2005 4:13:12 PM | Module: ELeadServiceMediator | The template information for Team Foundation Server "VSTSRC" was retrieved from the Team Foundation Server. | Completion time: 0.1897986 seconds
10/26/2005 4:13:14 PM | Module: Wizard | Retrieved IAuthorizationService proxy | Completion time: 0.4595124 seconds
10/26/2005 4:13:14 PM | Module: Wizard | TF30227: Project creation permissions retrieved | Completion time: 0.0599364 seconds
10/26/2005 4:13:22 PM | Module: Engine | Thread: 11 | New project will be created with the "Issue Tracking" methodology
10/26/2005 4:13:22 PM | Module: Engine | Retrieved IAuthorizationService proxy | Completion time: 0 seconds
10/26/2005 4:13:22 PM | Module: Engine | TF30227: Project creation permissions retrieved | Completion time: 0.049947 seconds
10/26/2005 4:13:36 PM | Module: Engine | Wrote compressed process template file | Completion time: 0.9789612 seconds
10/26/2005 4:13:43 PM | Module: Engine | Extracted process template file | Completion time: 6.4731312 seconds
10/26/2005 4:13:43 PM | Module: Engine | Thread: 11 | Starting Project Creation for project "123" in domain "VSTSRC"
10/26/2005 4:13:43 PM | Module: Engine | The user identity information was retrieved from the Group Security Service | Completion time: 0.7891626 seconds
10/26/2005 4:13:43 PM | Module: Initializer | Thread: 11 | The New Team Project Wizard is starting to initialize the plug-ins.
10/26/2005 4:13:43 PM | Module: CssStructureUploader | Thread: 11 | Entering Initialize in CssStructureUploader
10/26/2005 4:13:44 PM | Module: CssStructureUploader | Thread: 11 | Initialize for CssStructureUploader complete
10/26/2005 4:13:44 PM | Module: Initializer | Thread: 11 | The New Team Project Wizard successfully Initialized the plug-in Microsoft.ProjectCreationWizard.Classification.
10/26/2005 4:13:44 PM | Module: Rosetta | Thread: 11 | Entering Initialize in RosettaReportUploader
---begin Exception entry---
Time: 10/26/2005 4:13:46 PM
Module: Initializer
Event Description: TF30207: Initialization for plugin "Microsoft.ProjectCreationWizard.Reporting" failed
Exception Type: Microsoft.TeamFoundation.Client.PcwException
Exception Message: Insufficient permissions to create a new SQL Reporting Services at VSTSRC.
Exception Details:
The permissions granted your user name and ID on the SQL Reporting Services at VSTSRC
do not allow you create a new project. You must be granted specific permission
by the server administrator.
Stack Trace:
   at Microsoft.VisualStudio.TeamFoundation.RosettaReportUploader.CheckForProjectFolder(PrivateData data, String projectName, ProjectCreationContext context)
   at Microsoft.VisualStudio.TeamFoundation.RosettaReportUploader.Initialize(ProjectCreationContext context)
   at Microsoft.VisualStudio.TeamFoundation.EngineStarter.InitializePlugins(MsfTemplate template, PcwPluginCollection pluginCollection)
 --   Inner Exception   --
Exception Type: Microsoft.TeamFoundation.TeamFoundationServerUnauthorizedException
Exception Message: TF30063: You are not authorized to access tfsbeta3.
Stack Trace:
   at Microsoft.TeamFoundation.Client.TeamFoundationSoapProxy.ThrowIfUnauthorized(HttpWebResponse response)
   at Microsoft.TeamFoundation.Client.TeamFoundationSoapProxy.GetWebResponse(WebRequest request)
   at System.Web.Services.Protocols.SoapHttpClientProtocol.Invoke(String methodName, Object[] parameters)
   at Microsoft.TeamFoundation.Proxy.Reporting.ReportingService.ListChildren(String Item, Boolean Recursive)
   at Microsoft.VisualStudio.TeamFoundation.RosettaReportUploader.CheckForProjectFolder(PrivateData data, String projectName, ProjectCreationContext context)
 -- end Inner Exception --
--- end Exception entry ---

10/26/2005 4:13:46 PM | Module: Engine | Thread: 11 | Attempting to delete MSF folder "C:\Documents and Settings\tfssetup.VSTSDOMAIN.000\Local Settings\Temp\TPW_tmp31C.tmp"
10/26/2005 4:13:47 PM | Module: Engine | Thread: 11 | The temporary folder C:\Documents and Settings\tfssetup.VSTSDOMAIN.000\Local Settings\Temp\TPW_tmp31C.tmp used to store the process template was removed.


2) The Team project was created for the first time after setup but the reports were not being shown. Instead there is red cross mark against report folder. I think it should be the same issue mentioned above. Any Idea, what could be the behaviour .

Best Regards,
V