[2.0] Strange bug with the imagelist control?

There is a weird display issue with the imagelist control...

Step 1) I setup an image list to store 32bit icons. I added each icon to the imagelist, as an ico file.

Step 2A) In code, I linked the image to a context menu item.
Step 2B) In code, I linked the image to a picture box.

Code:

contextMenuStrip1.ImageList = imageList1; toolStripMenuItem1.ImageIndex = 0; pictureBox1.Image = imageList1.Images[0];

Code is straight forward, nothing fancy. I used both a context menu and picture box to make sure the problem wasn't tied into the context menu directly.

Step 3) Everything looks normal, compile the program, and it looks normal as well.

Step 4) Close VS 2005

Step 5) Open VS 2005

Step 6) Run program

Step 7) Enjoy your icons looking mangled, as if they are being stripped down to a lesser color depth.

Step 8) Remove all the icons from the imagelist, and re-add them.

Step 9) Enjoy your icons in all their glory.

Any idea how to fix this or get around it? Has anyone else experienced this?