I recently posted about changing stored credentials used by Visual Studio 2005 Team Explorer.
Removing the cache never really works in my opinion. The only two options I have found are:
- Removing stored network passwords (as per previous post) - ONLY for Windows XP and above
- Run 'ClearCreds.exe' which is part of the Visual Studio 2005 SDK (v 4.0)
You can also looking additional information from MSDN for Visual Studio Team System concerning
Troubleshooting Team Foundation Server Permissions and Security