IIS ASP .NET severe latency on first application request

I'm experiencing a 2 minute wait time for IIS to load my ASP .NET (2.0)
applications hosted on IIS 6. This is a new problem which started after the
August 18, 2007 Windows update. All servers running IIS are affected except
one. When the w3wp.exe worker process is dead, it takes 2 minutes to load
the applications. It only experiences this issue on the initial request; all
other requests after the first one respond normally. This problem is also
evident on my Workstation(IIS 5.1).
It isn't a network or database issue, because I tested this from IIS manager
itself, and no database requests are made for my initial application load.

Any ideas?