The first PADS release to support a USB hardware key was PADS2003 so your new key will not work with v5.01. PowerPCB v5.01 is also not supported on Win7. Are you trying to transfer your licenses from the teal key to the USB? You'll need to remain on the teal key for v5.01.
Here are some docs that may help:
There are instructions in the doc above that will help you install the driver for use with current releases.