PowerGUI Error : Microsoft SharePoint is not supported with version 4.0.30319.1 of the Microsoft .Net Runtime

When you are working with Power GUI script editor version 3.2.0.2237 and installed Visual Studio 2010 on the same machine, you will the following error- 

“Microsoft SharePoint is not supported with version 4.0.30319.261 of the Microsoft .Net Runtime.”

To fix this, open “ScriptEditor.exe.config” file which is located in C:\Program Files (x86)\PowerGUI\ and comment the line #4 as shown below.

<?xml version="1.0" encoding="utf-8" ?>
<configuration>
    <startup useLegacyV2RuntimeActivationPolicy="true">
        <!-- <supportedRuntime version="v4.0" sku=".NETFramework,Version=v4.0" />-->
        <supportedRuntime version="v2.0.50727" />
    </startup>

Restart the Power GUI editor after making the above change.