Using Visual Studio 2008 with Team Foundation Server 2010

Given the lack of a straightforward answer on the Web, here is mine. To get Visual Studio 2008 to connect to Team Foundation Server 2010 and integrate with the source control follow these steps:

1. Download and install Visual Studio Team System 2008 Team Explorer
2. Download and install  Microsoft Visual Studio 2008 Service Pack 1 
3. Download and install  Visual Studio Team System 2008 Service Pack 1 Forward Compatibility Update for Team Foundation Server 2010 

Having successfully executed all previous installations, open Visual Studio 2008, go to menu "Tools > Connect to Team Foundation Server":

Add your TFS server's address in the form "http://[IP address or FQDN]:[port]/tfs".
It should be all set up!