If you go to https://connect.microsoft.com the update that allows SCVMM to work with Hyper-V RC1 is now available
Update for SCVMM 2008 Beta - (You can access this from the downloads page).
Install this update to enable Virtual Machine Manager 2008 Beta (VMM) to function with Release Candidate 1 (RC1) to the Hyper-V role. After you install this update, you may have to restart your computer. Once you have installed this update, it cannot be removed.
Before You Install the Update
The VMM server and all of the hosts in your environment must be running Hyper-V RC1. After you install the update, you will not be able to add hosts running Hyper-V RC0 to your VMM environment. For information about the Hyper-V RC1 download, see Update for Windows Server 2008 x64 Edition (KB950049).