VSTS error (‘|’ is unexpected token. The expected token is ‘=’. Line 1, position 1099 )

If you ever receive this strange error inside Visual Studio while viewing a work item with Team Explorer or errors like this:

i) try to read or add a work item type "Bug" , the Microsoft Visual Studio window displayed " X ‘|’ is an unexpected token. The expected token is ‘=’. Line 1, position 1099."
ii) try to read or add a work item type "Task", the Microsoft Visual Studio window displayed " X ‘|’ is an unexpected token. The expected token is ‘=’. Line 1, position 127."
iii) Could not find a part of the path ‘C:\Documents and Settings\All Users\Application Data\Microsoft\Team Foundation\Work Item Tracking\Custom Controls\Field||ntrol.wicc’

The following steps will resolve such errors:

1. Close Visual Studio.
2. Delete the contents of the folder:
%USERPROFILE%\Local Settings\Application Data\Microsoft\Team Foundation\1.0\Cache\
3. Start Visual Studio.
4. Add Team Foundation Server