As a complement to the already available Windows Phone 7 developer tools, templates for VB are now available.

Here is the full announcement from the VB team and a walk through of how to use it:

You need to have the release tools installed and then this is a very small download and installs very quickly.

You will get the same “Silverlight for Windows Phone” under the VB templates and be able to easily bring up a VB based phone application. No XNA at this time.