The accepted answer gave two locations:
here
C:\Documents and Settings\Administrator\Local Settings\Temp\VWDWebCache
and possibly here
C:\Documents and Settings\Administrator\Local Settings\Application Data\Microsoft\WebsiteCache
Did you try those?
Edited to add
On my Windows Vista machine, it's located in
%Temp%\VWDWebCache
and in
%LocalAppData%\Microsoft\WebsiteCache
From your additional information (regarding team edition) this comes from Clear Client TFS Cache:
Clear Client TFS Cache
Visual Studio and Team Explorer provide a caching mechanism which can get out of sync. If I have multiple instances of a single TFS which can be connected to from a single Visual Studio client, that client can become confused.
To solve it..
For Windows Vista delete contents of this folder
%LocalAppData%\Microsoft\Team Foundation\1.0\Cache