To get the new metadata browser you must:
http://blogs.msdn.com/b/crm/archive/2011/03/09/metadata-browser-for-microsoft-dynamics-crm-2011.aspx
1. Download the SDK.Visit below link for more details
2. Install the SDK.
3. Import the MetadataBrowser_1_0_0_1_managed.zip located in the SDK at SDK\Tools\MetadataBrowser\.
http://blogs.msdn.com/b/crm/archive/2011/03/09/metadata-browser-for-microsoft-dynamics-crm-2011.aspx