Is LocalDB supported by Visual Studio 2010 in Entity Framework 5, on .NET 4.0?

Or am I doing it wrong? I'm getting a "The network path can't be found" issue when instantiating my model container with a connection string for LocalDB.

Here's the connection string:

var connectionString = "metadata=res://*/Model.csdl|res://*/Model.ssdl|res://*/Model.msl;provider=System.Data.SqlClient;provider connection string=\"data source=(localdb)\v11.0;initial catalog=fablelane_com_db;integrated security=SSPI;multipleactiveresultsets=True;App=EntityFramework\"";

Edit 1 I'm receiving the following error when connecting, more specifically:

A network-related or instance-specific error occurred while establishing a connection to SQL Server. The server was not found or was not accessible. Verify that the instance name is correct and that SQL Server is configured to allow remote connections. (provider: Named Pipes Provider, error: 40 - Could not open a connection to SQL Server).

Edit 2 I just figured out that changing to Visual Studio 11 beta doesn't work either. Still receiving the same error-message.