File Sync-nator

I get the following error: (this is after following the
instructions for replacing the dll references with
those in the lib dir):

Microsoft.FileSyncnator -> C:\Documents and
Settings\Sadanandan\Desktop\sync\src\Microsoft.FileSyncnator\bin\Release\Fi
leSync-nator.exe
%windir%\Microsoft.NET\Framework\v1.1.4322\csc
/target:library
/reference:ICSharpCode.SharpZipLib.dll,Microsoft.FileSyncnator.LoggingModul
e.dll,Microsoft.FileSyncnator.RemoteTypes.dll,Microsoft.FileSyncnator.Confi
guration.dll
/out:..\..\..\..\lib\Microsoft.FileSyncnator.dll
/warn:0 /nologo /debug /recurse:..\..\*.cs
EXEC : fatal error CS0009: Metadata file 'c:\Documents
and
Settings\Sadanandan\Desktop\sync\src\Microsoft.FileSyncnator\bin\Release\Mi
crosoft.FileSyncnator.LoggingModule.dll'
could not be opened -- 'Version 2.0 is not a compatible
version.'
C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\Microsoft.Common.targets(3089
,13):
error MSB3073: The command
"%windir%\Microsoft.NET\Framework\v1.1.4322\csc
/target:library
/reference:ICSharpCode.SharpZipLib.dll,Microsoft.FileSyncnator.LoggingModul
e.dll,Microsoft.FileSyncnator.RemoteTypes.dll,Microsoft.FileSyncnator.Confi
guration.dll
/out:..\..\..\..\lib\Microsoft.FileSyncnator.dll
/warn:0 /nologo /debug /recurse:..\..\*.cs" exited with
code 1.
Done building project "Microsoft.FileSyncnator.csproj"
-- FAILED.