Error TF30177 on Visual Studio 11

The error I posted below incurs when creating Team Project in Visual Studio 11.
It seems like I do not have permissions on creating a new project.
How can I correct this error?
Please help.

TF30177: Team Project Creation Failed
New Team Project Wizard encountered the following error and could not continue.
Error
TF30170: The plugin Microsoft.ProjectCreationWizard.WorkItemTracking failed during task Queries from group WorkItemTracking.
Explanation
Plugin error text: “Could not upload queries to the Team Foundation Server.”
User Action
Contact your Team Foundation Server administrator.
