Custom Control not appearing in Toolbox - JTC^..^

When I create a custom control inside my Windows Application project
it does not appear in the toolbox. I'm using Visual Studio 2005 (Team
System for Developers), so this should appear automatically, right?

I've compiled the application and selected show all items, but the
controls do not appear.

If I create an external Windows Control library and import the
controls they appear. I also tried resetting the toolbox, then
creating a new control. As the behaviour of resetting the toolbox is
to remove custom controls, could this now be my problem? Either way,
is there a setting or something I'm missing so Visual Studio will show
the controls automatically?

Thanks