newuser1969,
Did you try to rebuild the photo library?
You can find out if the issue is caused by the iPhoto library by testing with an alternate library. Just launch iPhoto while holding Option as described here:
http://support.apple.com/kb/HT1229 Then import a few photos and open iTunes.
If the issue only happens with your main library, it probably needs to be rebuilt using the article I linked in my first response.
If iTunes does not see the alternate iPhoto library, you may want to uninstall and reinstall iTunes as described here:
http://support.apple.com/kb/HT1224
Jason