Configruing IIS 5.0 to use Net 2.0

I have recently installed the latest version of MS Net 2.0 framework on a Win 2000 server.
After that I have configured IIS 5.0 to use the framework using the following command: aspnet_regiis -i

At the beginning the IIS account didn't have access to the Web site directories. I would receive back HTTP 401.1 error code.
I resolved that but when I try to access any of the ASPX pages I received HTTP 500 error with the following text:
Server Application Unavailable

The web application you are attempting to access on this web server is currently unavailable. Please hit the "Refresh" button in your web browser to retry your request.

Unfrotunately the log file doesn't tell what really causes this error. It is little bit frustrating.

Any idea how to configure IIS 5.0 with Net 2.0?

Thanks,

Dimitar

I'm guessing the aspnet process can't log in.

http://www.syncfusion.com/FAQ/aspnet/WEB_c1c.aspx