Until Microsoft come up with a permanent fix, I have this solution if you (as I did) have tried to delete one or more of the TimeProfile calendars ... Search for or browse to the Users -> Library -> Calendard library.
Exit the iCal app and delete the "Calendar Cache" file, but keep the "Calendar Cache-shm" and "Calendar Cache-wal" files. Then restart the iCal App. Problem is (after a short sync) solved - for now, but you still have the TimeProfile calendars however now also your regular calendar :-)