What version of Windows and Outlook,
This works fine for me under Win2000 and Outlook 2000

Possibly a different version of Outlook has problems with creating two instances of it.

Try doing
oOutlook1 = CREATEOBJECT("Outlook.Application")
oOutlook2 = CREATEOBJECT("Outlook.Application")

Might have to do with your SP version of VFP 6.

Im not sure if they had a bug with re-using a variable name for object references...