If you need to use older builds with 4.0 (mixed mode), you may need to add the following to <yourappname>.config:
<startup useLegacyV2RuntimeActivationPolicy="true">
<supportedRuntime version="v4.0"/>
</startup>
, 1.1 Ironpython (.NET 4.0) :
"Mixed mode assembly is built against version 'v1.1.4322' of the runtime and cannot be loaded in the 4.0 runtime without additional configuration information."
ipyw.exe.config .