How to create sharepoint project in visual studio 2010 ultimate beta 2

Question

I have Sharepoint server 2010 and visual studio studio 2010 ultimate installed in my machine.
When I try to create sharepoint site, visual studio says "Sharepoint not installed" however I tried to open already create sharepoint project from codeplex
it works.

How do I create new share point project? any work around to make it happen?

Thanking you in advance for sharing ideas.

Thank you