File “iTunes Library” cannot be read after 10.7.4 install

Hi Everyone,

I just upgraded my Mac to Lion so I could migrate to iCloud. Everything appears to be working nicely except for iTunes. When I start the app, I get the following error: The file “iTunes Library” cannot be read because it was created by a newer version of iTunes. Would you like to download iTunes now?

Naturally, I click YES but I apparently have the most updated version of iTunes so I am stuck. Is there an "official" fix from Apple?

Thanks!