Using Bootcamp VM with Parallels 5.0

I am trying to use an existing Windows XP installation that I have been using with Bootcamp for 2 years. After go through the process to add a new virtual machine within Parallels and selecting Use Bootcamp Partition I receive the following message and it appears the Parallels VM has not been created.

The Boot Camp hard disk has been successfully configured, but an unexpected error occurred when mounting the selected Boot Camp partitions back to your Mac.

Use Disk Utility to mount these partitions back to your Mac

I saw a similar post on a Windows 7 installation, but it did not have a solution.