Object reference error when creating a new SILVERLIGHT application

ERROR Message “Object reference not set to instance of an object”

Detailed error starts like :- Microsoft.Windows.Design.Platform.SilverlightMetadataContext.SilverlightXamlExtensionImplementations.d__8.MoveNext()

This could be because of the installed version of Silverlight.

Go to Setting -> Control Panel -> Check if Silverlight 5.0 is installed?

If installed, uninstall the Silverlight Version 5.0.x

Download the developer version of Silverlight 4.0.x from the URL from http://go.microsoft.com/fwlink/?LinkID=188039