I am using Visual Studio 2010, try to create a MEF application. Does this require .NET 4.0 or can I target .NET 2.0?
Strictly speaking you don't have to have .Net 4.0 installed. You can use MEF with .Net 3.5 - if you reference System.ComponentModel.Composition.dll.
As DannyLane says, however, you do need the LINQ functionality so you can't target .Net 2.0.