Browsing a cube: Error HRESULT E_FAIL has been returned from a call to a COM component. (Microsoft Visual Studio)

When I try to reconnect using the cube browser (in both Visual Studio and SQL Management Studio) I get the following error:

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Error HRESULT E_FAIL has been returned from a call to a COM component. (Microsoft Visual Studio)
------------------------------
Program Location:
   at Microsoft.Office.Interop.Owc11.PivotView.get_FieldSets()
   at Microsoft.AnalysisServices.Browse.CubeBrowser.TranslatePivotTable()
   at Microsoft.AnalysisServices.Browse.CubeBrowser.UpdatePivotTable(Boolean translate)
   at Microsoft.AnalysisServices.Browse.CubeBrowser.UpdateAll(Boolean translate)
   at Microsoft.AnalysisServices.Browse.CubeBrowser.ReconnectCanFail()
   at Microsoft.AnalysisServices.Browse.CubeBrowser.SupportFunctionWhichCanFail(FunctionWhichCanFail function)

And when I try to drag stuff from the measure group (the left panel) I get:

===================================
Error HRESULT E_FAIL has been returned from a call to a COM component. (Microsoft Visual Studio)
------------------------------
Program Location:
   at Microsoft.Office.Interop.Owc11.PivotView.get_FieldSets()
   at Microsoft.AnalysisServices.Controls.PivotTableHash.get_FieldSetsEnumerator()
   at Microsoft.AnalysisServices.Controls.PivotTableHash.GetFieldSet(String uniqueName)
   at Microsoft.AnalysisServices.Controls.PivotTableBoundMetadataBrowser.GetPivotTableDataObject(NodeObject nodeObject)
   at Microsoft.AnalysisServices.Controls.PivotTableBoundMetadataBrowser.GetDataObject(TreeNode node)
   at Microsoft.AnalysisServices.Controls.MetadataTreeView.OnItemDrag(ItemDragEventArgs e)
   at System.Windows.Forms.TreeView.TvnBeginDrag(MouseButtons buttons, NMTREEVIEW* nmtv)
   at System.Windows.Forms.TreeView.WmNotify(Message& m)
   at System.Windows.Forms.TreeView.WndProc(Message& m)
   at Microsoft.AnalysisServices.Controls.MetadataTreeView.WndProc(Message& msg)
   at Microsoft.AnalysisServices.Browse.CubeBrowser.CubeBrowserMetadataTreeView.WndProc(Message& msg)

Does anyone have any idea what's going on here and how I could fix it?!?

I'm running SQL Server 2008 SP1 on Windows 7 RTM.