I am running the site locally in my IIS Express now.

All the nodes are not displayed, from IIS Express window I can see "Request ended: http://localhost:8903/umbraco/webservices/TreeDataService.ashx?rnd=1c9fd0a2eb054992818e15e8f6a0ef3e&id=-1&treeType=content&contextMenu=true&isDialog=false&rnd2=1.4 with HTTP status 500.0"

And from my event view, I found following, it looks like missing table. But did not find any instrcution to ask me to change table schema.

Event code: 3005
Event message: An unhandled exception has occurred.
Event time: 05/06/2013 9:03:52 PM
Event time (UTC): 06/06/2013 1:03:52 AM
Event ID: a2e0fb0b91a244368594600da9a5f8c7
Event sequence: 341
Event occurrence: 4
Event detail code: 0  

Application information:
    Application domain: /LM/W3SVC/1/ROOT-3-130149536131486639
    Trust level: Full
    Application Virtual Path: /
    Application Path: E:\Temp\TrunkUpgrade6\Site\  

Process information:
    Process ID: 25908
    Process name: iisexpress.exe  

Exception information:
    Exception type: SqlException
    Exception message: Invalid object name 'cmsPropertyTypeGroup'.
   at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection, Action`1 wrapCloseInAction)
   at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj, Boolean callerHasConnectionLock, Boolean asyncClose)
   at System.Data.SqlClient.TdsParser.TryRun(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj, Boolean& dataReady)
   at System.Data.SqlClient.SqlDataReader.TryConsumeMetaData()
   at System.Data.SqlClient.SqlDataReader.get_MetaData()
   at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString)
   at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async, Int32 timeout, Task& task, Boolean asyncWrite)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, TaskCompletionSource`1 completion, Int32 timeout, Task& task, Boolean asyncWrite)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method)
   at System.Data.SqlClient.SqlCommand.ExecuteReader(CommandBehavior behavior, String method)
   at System.Data.SqlClient.SqlCommand.ExecuteDbDataReader(CommandBehavior behavior)
   at System.Data.Common.DbCommand.System.Data.IDbCommand.ExecuteReader()
   at Umbraco.Core.Persistence.Database.<Query>d__1c`1.MoveNext()
   at System.Collections.Generic.List`1..ctor(IEnumerable`1 collection)
   at System.Linq.Enumerable.ToList[TSource](IEnumerable`1 source)
   at Umbraco.Core.Persistence.Repositories.ContentTypeBaseRepository`2.GetPropertyGroupCollection(Int32 id)
   at Umbraco.Core.Persistence.Repositories.ContentTypeRepository.PerformGet(Int32 id)
   at Umbraco.Core.Persistence.Repositories.RepositoryBase`2.Get(TId id)
   at Umbraco.Core.Persistence.Repositories.ContentRepository.CreateContentFromDto(DocumentDto dto, Guid versionId)
   at Umbraco.Core.Persistence.Repositories.ContentRepository.PerformGet(Int32 id)
   at Umbraco.Core.Persistence.Repositories.RepositoryBase`2.Get(TId id)
   at Umbraco.Core.Persistence.Repositories.ContentRepository.<PerformGetByQuery>d__1f.MoveNext()
   at System.Linq.Buffer`1..ctor(IEnumerable`1 source)
   at System.Linq.OrderedEnumerable`1.<GetEnumerator>d__0.MoveNext()
   at System.Linq.Enumerable.WhereSelectEnumerableIterator`2.MoveNext()
   at System.Linq.Buffer`1..ctor(IEnumerable`1 source)
   at System.Linq.Enumerable.ToArray[TSource](IEnumerable`1 source)
   at umbraco.cms.presentation.Trees.BaseContentTree.Render(XmlTree& Tree)
   at umbraco.loadContent.Render(XmlTree& tree)
   at umbraco.presentation.webservices.TreeDataService.GetXmlTree()
   at umbraco.presentation.webservices.TreeDataService.ProcessRequest(HttpContext context)
   at System.Web.HttpApplication.CallHandlerExecutionStep.System.Web.HttpApplication.IExecutionStep.Execute()
   at System.Web.HttpApplication.ExecuteStep(IExecutionStep step, Boolean& completedSynchronously)

Request information:
    Request URL: http://localhost:8903/umbraco/webservices/TreeDataService.ashx?rnd=1c9fd0a2eb054992818e15e8f6a0ef3e&id=-1&treeType=content&contextMenu=true&isDialog=false&rnd2=1.4
    Request path: /umbraco/webservices/TreeDataService.ashx
    User host address: ::1
    User:  
    Is authenticated: False
    Authentication Type:   

Thread information:
    Thread ID: 28

    Is impersonating: False
    Stack trace:    at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection, Action`1 wrapCloseInAction)
   at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj, Boolean callerHasConnectionLock, Boolean asyncClose)
   at System.Data.SqlClient.TdsParser.TryRun(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj, Boolean& dataReady)
   at System.Data.SqlClient.SqlDataReader.TryConsumeMetaData()
   at System.Data.SqlClient.SqlDataReader.get_MetaData()
   at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString)
   at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async, Int32 timeout, Task& task, Boolean asyncWrite)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, TaskCompletionSource`1 completion, Int32 timeout, Task& task, Boolean asyncWrite)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method)
   at System.Data.SqlClient.SqlCommand.ExecuteReader(CommandBehavior behavior, String method)
   at System.Data.SqlClient.SqlCommand.ExecuteDbDataReader(CommandBehavior behavior)
   at System.Data.Common.DbCommand.System.Data.IDbCommand.ExecuteReader()
   at Umbraco.Core.Persistence.Database.<Query>d__1c`1.MoveNext()
   at System.Collections.Generic.List`1..ctor(IEnumerable`1 collection)
   at System.Linq.Enumerable.ToList[TSource](IEnumerable`1 source)
   at Umbraco.Core.Persistence.Repositories.ContentTypeBaseRepository`2.GetPropertyGroupCollection(Int32 id)
   at Umbraco.Core.Persistence.Repositories.ContentTypeRepository.PerformGet(Int32 id)
   at Umbraco.Core.Persistence.Repositories.RepositoryBase`2.Get(TId id)
   at Umbraco.Core.Persistence.Repositories.ContentRepository.CreateContentFromDto(DocumentDto dto, Guid versionId)
   at Umbraco.Core.Persistence.Repositories.ContentRepository.PerformGet(Int32 id)
   at Umbraco.Core.Persistence.Repositories.RepositoryBase`2.Get(TId id)
   at Umbraco.Core.Persistence.Repositories.ContentRepository.<PerformGetByQuery>d__1f.MoveNext()
   at System.Linq.Buffer`1..ctor(IEnumerable`1 source)
   at System.Linq.OrderedEnumerable`1.<GetEnumerator>d__0.MoveNext()
   at System.Linq.Enumerable.WhereSelectEnumerableIterator`2.MoveNext()
   at System.Linq.Buffer`1..ctor(IEnumerable`1 source)
   at System.Linq.Enumerable.ToArray[TSource](IEnumerable`1 source)
   at umbraco.cms.presentation.Trees.BaseContentTree.Render(XmlTree& Tree)
   at umbraco.loadContent.Render(XmlTree& tree)
   at umbraco.presentation.webservices.TreeDataService.GetXmlTree()
   at umbraco.presentation.webservices.TreeDataService.ProcessRequest(HttpContext context)
   at System.Web.HttpApplication.CallHandlerExecutionStep.System.Web.HttpApplication.IExecutionStep.Execute()
   at System.Web.HttpApplication.ExecuteStep(IExecutionStep step, Boolean& completedSynchronously)

Custom event details: