Although this question isn\'t directly about code it\'s related to programming and seems better put here than, say, serverfault or superuser.
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I don't think IIS Express is available for Visual Studio 2010 yet.
Edit: Found it in Scott's post. http://weblogs.asp.net/scottgu/archive/2010/06/28/introducing-iis-express.aspx
We’ll be releasing the first public beta of IIS Express shortly. With the beta you’ll be able to right-click on a file-system folder and have IIS Express launch a web-site based on that file-system location. We’ll also be releasing a patch for VS 2010 and Visual Web Developer 2010 Express later this year that will enable you to automatically launch and use IIS Express in place of VS’s built-in ASP.NET Developer Server.