Hi Ikki.
I wonder your CW5.1 doesn't recognize your license.dat file or doesn't find the correct license path.
I would suggest you:
1. uninstall your CW5.1 and remained install folder
2. make sure your have windows admin right. it's very important.
then reinstall CW5.1 with admin right to a self-defined folder, for example: D:\CW5_1
3. after install, open CW5.1, still with windows admin right.
4. if keep the same problem, check your CW environment variable setting:check if the LM_LICENSE_FILE path includes the license.dat of Codewarrior, please suppress following environment variable: LM_LICENSE_FILE in the right path. The environment variable can be setting by click "start", "settings", "control panel", "system", "Advanced", "environment variable". (See attached screenshot) the LM_LICENSE_FILE should be something like: {your CW install}\license.dat
Have a great day,
Jennie Zhang
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