Option+open not working with iPhoto '08 (MacBook, 10.6.8)

I recently created a new iPhoto library. Today, when I pressed option at the same time as I opened iPhoto... all that happened was that iPhoto opened! There was no library selection box, as iPhoto says there should be (and as there was when I first created the second library). So I tried again, and the same thing happened. I restarted the computer, and the same thing happened. I closed iPhoto, tried to option+open it, and nothing.

The reason I created a second library was because I wanted to move my original library onto my external hard drive because my laptop was running really slowly. It just had too much stuff on it. So I thought I did it right (I could access all my old pictures by going onto the external hard drive), and everything seemed to be working fine until I created a second library on my laptop for new photos to be added to. That was when I realized I couldn't seem to access the old library, with or without option+open. Even when I try to open the library that is on my hard drive now, it just shows the new pictures.

I have a TON of pictures in my old library, and am starting to freak out a bit.

I also tried to option+command+open iPhoto, just to see if that would bring up the repair dialogue box (I wasn't going to use it for anything, I just wanted to see if it would open up)... and it didn't. Does anyone know what is going on here? I will be very grateful for your assistance.