I found this solution after trying everything else I could think of including RhettClintons solution and clearing out the cache, etc. Anyways, here is what I found out but I have tried only on Windows 7 machine so far. I am not sure if it would be the same
on any other machines.
On the Windows 7 machine there is something called “Credential Manager”. Click Start and in the Run box type Credential and you should see it. Launch it and you should see your saved credentials, including the one for CRMAdmin.
You can edit there and replace CRMAdmin with any other existing crm user and CRMAdmin will be logged out.