IIS runs we applications in specific environments calls AppPools. You can seet which is running your web application in IIS by opening the web apps Advanced Settings (on the right-click menu).
These app pools are usually set to .Net2.0 by default, as yours is:
Version Information: Microsoft .NET Framework Version:2.0.50727.5485; ASP.NET Version:2.0.50727.5483
If you have Asp .Net4.0 installed, then you can just change the app pool settings (in app-pools in IIS) or create a new one for .Net4 apps.
If you haven't installed Asp .Net 4.0 then the steps are simple.
Here's a link on how to do so:
http://stackoverflow.com/questions/4890245/how-to-add-asp-net-4-0-as-application-pool-on-iis-7-windows-7[
^]
(sorry for the cross-forum link)
Hope that helps. Let me know if you get stuck
Andy