To profile IIS, run the profiler from Windows Start menu as administrator (privileges are needed to re-start IIS service):
Alternatively, change the profiler shortcut properties to always run the profiler as administrator:
Use Profile IIS application... action on Welcome screen or in "Profile" menu.
The window will appear:
Press Start IIS Profiling to re-start IIS service. You can alter advanced profiling options if necessary.
To profile your ASP.NET application open it in a browser and connect to it from "Monitor Applications" list on Welcome screen. IIS will create .NET runtime on first web request, until this moment your application will not appear in "Monitor Applications" list.