This does not seem to work - even though it is listed as shown above, the search doesn't find anything in the .ost file.
That is with outlook 2010 and windows 7 pro 32 bit. Any search just runs fine except without any result. FYI this Outlook runs off an Exchange server (hosted on Intermedia servers )- I pointed the search folder to the local .ost folder. No search would work ie return anything