What I ended of having to do was re-map the workspace within the Visual Studio 2010 IDE.
- From the Visual Studio IDE Navigate to FILE->Source Control->Workspaces
- You will see a list of workspaces. Create a new workspace that points to your local project directory and the location of the source control folder on TFS.
- It will ask if you want to get the latest version from Source Control, select yes or no depending on which version of your code is the most up to date.