Pat,
I am sorry to hear that you are having this problem, unfortunately I am unable to get this to repro here. Hopefully some of the following questions will help me understand the problem better...
How exactly did you close the TeamLook mail folder? I am assuming you right clicked on the mailbox and selected 'Close "TeamLook"'? Do you have the TeamLook menu on the top bar of Outlook after you restart? The version information you gathered was from doing 'TeamLook->About TeamLook'?
The best way of refreshing the list of queries is to select either the 'Team Queries' or 'My Queries' node and click the refresh button (from either the Menu or Toolbar locations). This should update your list of items under that particular node selected.
Thanks,
~Joe