itunes won't open after update on W8.1

iTunes updated this morning and after a reboot, When I opened iTunes, it had none of my libraries in it. I did a system restore to Mondays setting where I know iTunes worked, and now I get the message "the file "iTunes Library .itl" cannot be read because it was created by a newer version of iTunes. I looked in the .itl folder and there is the file from today. I right clicked on the previous .itl file and tried to open and got the same message. I tried holding the shift key and opening iTunes, but I was only offered the options of downloading iTunes or installing the latest version.

I'm on Windows 8.1 os on a dell laptop.

Where do I go from here?