Visual Studio 2015 Preview , While creating Web Projects throwing Unspecified error HRESULT:0x80004005 (E_FAIL)

I downloaded the VS2015 Preview and tried to create a Web Project.

I am getting the following errors when creating the project itself.

I get a Watson error first 'Unspeciifed error HRESULT:0x80004005 (E_FAIL)' ,

Then When I tried to open the Project Directly from the physical location it is throwing the other error 'Unable to create the Virtual Directory Localhost:5544 ...Error:Filename:redirection.config'