i'm trying to work out which language to work with in VS2010, c# or Python.
I understand that there are better ide's for Python out there but i like the VS IDE environment.
If Iron python can do everything CS and VB can do in VS2010 i'll be happy. But can it?
If Iron python can do everything C# and VB can do in VS2010 i'll be happy. But can it?

No, C# and VB, and to a lesser extent F#, are the primary languages for Visual Studio. Microsoft support for IronPython has been dropped and it seems to be stagnating.
If you are just writing console based code then you may be OK with IronPython, but if you are doing any GUI work then I would not recommend it.
Even then, the fact that the language no longer has MS backing leaves me with a bad feeling. I would not invest time and effort into writing IronPython code because I suspect that it will become a dead end.
Python in VS2010