Some users experience an issue with our latest V-Ray 5 for Sketchup, update 2 once the End User License Agreement has been accepted. We have just identified its cause. Our development team is currently preparing a solution that will be included in an upcoming hotfix!
For the time being, please do the following:
Open Windows File Explorer and type in %appdata%
Create a folder called Chaos Group at that location. Open the newly-created "Chaos Group" folder and create one more named V-Ray for SketchUp.
The final path should look like this: C:\Users\Your_Username\AppData\Roaming\Chaos Group\V-Ray for SketchUp
Once this is done, please relaunch SketchUp, accept the EULA and you should be able to use V-Ray.