Microsoft Fakes failed in VS2015 Enterprise - COR_PROFILER is missing

I am trying to use Microsoft Fakes in VS 2015 Enterprise. I was not even able to run any of the tests.

I do not have a settings file or settings file.

A simple test project has links to:

Microsoft.QualityTools.Testing.Fakes
Microsoft.VisualStudio.QualityTools.UnitTestFramework

One class from the following:

using System;
using Microsoft.VisualStudio.TestTools.UnitTesting;
using Microsoft.QualityTools.Testing.Fakes;
namespace UnitTestProjectfortemp1
{
    [TestClass]
    public class UnitTest1
    {
        [TestMethod]
        public void TestMethod1()
        {
            using (ShimsContext.Create()) { }
        }

        [TestMethod]
        public void TestMethod2()
        {

            using (ShimsContext.Create()) { Console.Write("test"); }
        }
    }
}

The error that occurs for both tests:

Test Name:  TestMethod1
Test FullName:  UnitTestProjectfortemp1.UnitTest1.TestMethod1
Test Source:    C:\UnitTestProject1\UnitTestProject1\UnitTest1.cs : line 21
Test Outcome:   Failed
Test Duration:  0:00:00.0131326

Result StackTrace:  
at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.IntelliTraceInstrumentationProvider.ResolveProfilerPath()
   at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.IntelliTraceInstrumentationProvider.Initialize()
   at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.UnitTestIsolationRuntime.InitializeUnitTestIsolationInstrumentationProvider()
   at Microsoft.QualityTools.Testing.Fakes.Shims.ShimRuntime.CreateContext()
   at Microsoft.QualityTools.Testing.Fakes.ShimsContext.Create()
   at UnitTestProjectfortemp1.UnitTest1.TestMethod1() in C:\UnitTestProject1\UnitTestProject1\UnitTest1.cs:line 23
Result Message: 
Test method UnitTestProjectfortemp1.UnitTest1.TestMethod1 threw exception: 
Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.UnitTestIsolationException: Failed to resolve profiler path from COR_PROFILER_PATH and COR_PROFILER environment variables.

I tried various solutions, such as Failed to run unit tests that use Microsoft Fakes - Exception in ShimsContext.Create () , but no luck.

EDIT: I tried to run this from the console, but didn't turn on the output. Here is the result, it does not work with VSTest

C:\UnitTestProject1\UnitTestProject1>vstest.console.exe bin\Debug\UnitTestProject1.dll
Microsoft (R) Test Execution Command Line Tool Version 14.0.25420.1
Copyright (c) Microsoft Corporation.  All rights reserved.

Starting test execution, please wait...
Failed   TestMethod1
Error Message:
   Test method UnitTestProjectfortemp1.UnitTest1.TestMethod1 threw exception:
Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.UnitTestIsolationException: Failed to resolve profiler path from COR_PROFILER_PATH and COR_PROFILER environment variables.
Stack Trace:
    at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.IntelliTraceInstrumentationProvider.ResolveProfilerPath()
   at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.IntelliTraceInstrumentationProvider.Initialize()
   at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.UnitTestIsolationRuntime.InitializeUnitTestIsolationInstrumentationProvider()
   at Microsoft.QualityTools.Testing.Fakes.Shims.ShimRuntime.CreateContext()
   at Microsoft.QualityTools.Testing.Fakes.ShimsContext.Create()
   at UnitTestProjectfortemp1.UnitTest1.TestMethod1() in C:\UnitTestProject1\UnitTestProject1\UnitTest1.cs:line 12

Failed   TestMethod2
Error Message:
   Test method UnitTestProjectfortemp1.UnitTest1.TestMethod2 threw exception:
Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.UnitTestIsolationException: Failed to resolve profiler path from COR_PROFILER_PATH and COR_PROFILER environment variables.
Stack Trace:
    at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.IntelliTraceInstrumentationProvider.ResolveProfilerPath()
   at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.IntelliTraceInstrumentationProvider.Initialize()
   at Microsoft.QualityTools.Testing.Fakes.UnitTestIsolation.UnitTestIsolationRuntime.InitializeUnitTestIsolationInstrumentationProvider()
   at Microsoft.QualityTools.Testing.Fakes.Shims.ShimRuntime.CreateContext()
   at Microsoft.QualityTools.Testing.Fakes.ShimsContext.Create()
   at UnitTestProjectfortemp1.UnitTest1.TestMethod2() in C:\UnitTestProject1\UnitTestProject1\UnitTest1.cs:line 19

Total tests: 2. Passed: 0. Failed: 2. Skipped: 0.
Test Run Failed.
Test execution time: 0.2654 Seconds

Edit 2: Based on zaitsman's comment below, I tried disabling the specific version for the Fakes link.

Before it was:

    <ItemGroup>
        <Reference Include="Microsoft.QualityTools.Testing.Fakes, Version=12.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a, processorArchitecture=MSIL"/>
    <Reference Include="System" />
  </ItemGroup>

After:

    <ItemGroup>
      <Reference Include="Microsoft.QualityTools.Testing.Fakes, Version=12.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a, processorArchitecture=MSIL">

          <SpecificVersion>False</SpecificVersion>
     </Reference>
     <Reference Include="System" />
   </ItemGroup>