What if you run Studio as administrator?
Just to see if it makes a difference - the error message suggests that Studio is unable to create a new process.
Or perhaps try to reinstall/repair your Studio to see if that helps.
Try restarting the system. As it worked in first attempt then you have the required permission and all. It seems when you closed first PIP window, something got corrupted or broken.
Restarting should reset all the required services and components.