While IIS Express support shipped in Visual Studio 2010 SP1, unfortunately profiling code running in IIS Express does not just work out of the box. The issue is that the profiler does not “know” how to setup and launch the IIS Express process to enable the various profiling methods. If this is a blocking issue for you, fortunately this can be manually worked around to profile IIS Express.
The instructions for how to do this, vary depending on the method of profiling you would like to use, and the target framework
.NET Memory Profiling (Sampling)
Instrumentation (including .NET memory instrumentation)
Resource Contention Profiling