I've installed the 2.0.0 version of GPG4win after deinstalling the old version.
If Outlook 2003 SP3 is running with activated GPGol addin it takes about 30
seconds until the windows explorer (windows key + e) opens.
I can confirm the problems described in task 1104 and 1107.
OS: Windows XP SP3 32-bit with all patches available.
MS-Office 2003 SP3.