Error Creating Control - Chart1 Object Reference not set to an instance of an object when adding Chart Control to a web part

Hi All,
 
I am trying to create a very simple visual web part in VS2010. Initially the chart control wasnt visible in the toolbox so I had to right click/Choose Items and selected System.Web.UI.DataVisualisation.Charting.
 
The chart control then became visible. I dragged the chart control onto the canvas and I get the following error:
 
Error Creating Control - Chart1
Object Reference not set to an instance of an object when
 
The ascx file looks like this:
 

<%@ Assembly Name="$SharePoint.Project.AssemblyFullName$" %>
<%@ Assembly Name="Microsoft.Web.CommandUI, Version=14.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c" %>
<%@ Register Tagprefix="SharePoint" Namespace="Microsoft.SharePoint.WebControls" Assembly="Microsoft.SharePoint, Version=14.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c" %>
<%@ Register Tagprefix="Utilities" Namespace="Microsoft.SharePoint.Utilities" Assembly="Microsoft.SharePoint, Version=14.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c" %>
<%@ Register Tagprefix="asp" Namespace="System.Web.UI" Assembly="System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" %>
<%@ Import Namespace="Microsoft.SharePoint" %>
<%@ Register Tagprefix="WebPartPages" Namespace="Microsoft.SharePoint.WebPartPages" Assembly="Microsoft.SharePoint, Version=14.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c" %>
<%@ Control Language="C#" AutoEventWireup="true" CodeBehind="VisualWebPart1UserControl.ascx.cs" Inherits="VisualWebPartProject2.VisualWebPart1.VisualWebPart1UserControl" %>
<%@ Register Assembly="System.Web.DataVisualization, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35"
    Namespace="System.Web.UI.DataVisualization.Charting" TagPrefix="asp" %>
<asp:Chart ID="Chart1" runat="server">
    <Series>
        <asp:Series Name="Series1">
        </asp:Series>
    </Series>
    <ChartAreas>
        <asp:ChartArea Name="ChartArea1">
        </asp:ChartArea>
    </ChartAreas>
</asp:Chart>

 

Any ideas as to why I'm getting this error and what I can do to rectify the problem?
 
Thanks in advance.
 
Rashed