My Book Studio II Won't Configure as RAID 1

I just bought a My Book Studio II 4TB Firewire drive and I can’t get it to configure as RAID 1.  The software provided with it doesn’t work and Disc Utility doesn’t do it either.  I’m using an iMac with Lion 10.7.4. 

Drive Manager gives me that blue button in the top tool bar, but everything is greyed out and I can’t use it.

Strangely, the disc also shows that 1GB is used, but 4GB are available.  I’ve erased it a few times.

Oops, I’m on OS 10.7.4

Do you have the latest vrsion of the WD Drive manager ?