SQL Server 2008 Profiler "pfutil" Error on logon

Question

I try to connect SQL Profiler to my local SQL Server 2008 instance, and get the following error:

TITLE: Connect to Server
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Cannot connect to (local).

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ADDITIONAL INFORMATION:

Unknown error. (pfutil)

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BUTTONS:

OK
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The "Advanced Information" shows little extra:

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Cannot connect to (local).

===================================

Unknown error. (pfutil)

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Program Location:

   at CProfilerSqlDbConnection.Open()
   at Microsoft.SqlServer.Management.UI.ConnectionDlg.Connector.ConnectorThread()

Has anyone else encountered this strange issue and found the cause?

UPDATE: I've restarted my PC and am still getting the same error, has anyone else experienced this persistently?