Just had an issue where I tried to remove a printer connection on a Windows 7 Pro workstation after having deleted the printer on the Windows SBS 2011 Server (aka. Windows 2008 R2)  and on the client a dialog pops up saying that access was denied for the delete.

Went back onto the server

Opened the Print Management msc

Expanded the Print Servers => Servername => Printers container and indeed the printer had been deleted

But then expanded the "Deployed Printers" container and notice an entry for the printer.

The fix was a little counter intuitive

1. Right click on the printer in "Deployed Printers"
2. Select "Deploy with Group Policy..."
3. From the dialog that appears click the "Remove All" or to selectively remove the GPO entry select it and click "Remove"
4. OK it all and then gpupdate /force on your workstation to pickup the change and the printer should disappear or you can just right click and remove it.