Helllo,
Does OneNote have the .net Programmability support installed? Grab your
install CD and open the control panel. Do an Add/Remove for Office (or just
OneNote) and ensure the (optional) .net programmability support is installed
under the OneNote tree. It does not install by default, and most of the time
this is the cause of the problem.
If that doesn't fix the problem, uninstall the rotator powertoy, restart
Windows and reinstall (do not start OneNote until after the re-install).