I just tried to install 1.5 on our laptop so I can begin testing it out before we upgrade all the other workstations. So far I have not been able to get the license server to work. I have even had the vrlserver.exe crash on me a couple times for unknown reasons. I have the dongle plugged in directly to the laptop, installed the wibu drivers, etc. Any suggestions?
You appear to be using the VRLServer from an older V-Ray version. This is not going to work. You need to use the VRLService application that is installed by the new build (Start menu > Programs > Chaos Group > V-Ray for 3dsmax > Licensing > Launch V-Ray license server).
Note that the installation does not place the license server executable in the root folder of 3dsmax like previous versions.