Can't Access iTunes Library after transfer

[Cavemate K]

After transfering the hard drive contents from my old G4 iMac to my new aluminum 24", I tried opening up iTunes and I got a message that said something to the effect of "iTunes library cannot be opened since it was created by a newer version." Any ideas as to what this means and how I can fix this? Thanks.

 

[greenday123]

Do you have the latest version of iTunes on the 24" ? If not, update it to the latest.