If you still have a explorer folder named the Vault view then the first thing you need to do is delete it. See the second sheet of the included .pdf on how to transform a Vault folder into a normal folder, which you can then delete or rename.
Next(or if the view folder is already gone) then you need to remove the information from the registry. Rename or Delete HKEY_LOCAL_MACHINE\SOFTWARE\SolidWorks\Applications\PDMWorks Enterprise\Databases\[Vault Name] .
You should now be able to re-create the view.
Please note that the above instructions could cause serious issues , use at your own risk. I highly suggest you contact your VAR to get supported instructions.
In addition to Coreys reply - if you are removing the view (or seeing this problem) on a x64 OS - also remove the vault key from this registry key:
SolidWorks technical support