I'm betting you will need to edit the registry to clear out the USB entries for that device. If you can convince the device manager to update the driver like @avirk states above, that is easier.
In regedit (launched as Administrator) you would need to locate the HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Enum\USB table, identify your USB device ending with multiple "&MI_00" and "&MI_01" type names, and delete them. You might need to restart Windows. Windows will then rebuild that list when you insert the USB device again. I had to do this to get my old Canon camcorder working.