This is continued from the series of articles on TFS. I would recommend you reading two articles if you are new to TFS
So I am assuming that you have a project created and a Product Backlog created in your TFS website. So when you click on Work menu, so see a menu at the left with Current Sprint 1 and some Future Sprint x.
Now this is not what you would always what. The number of Sprint is different for each project and you might want to customize it. So to customize that click on the right most option in the top-menu
This will bring you to a Project Profile page which has a different top-menu as shown below
Click on iterations menu to view all the Sprints. Hover over Sprint 1 and click on Set Dates and set a start date and an end date. You can also give a meaningful name to Sprint 1 but for these tutorials and for ease of understanding I will not change the name.
Click on Save and Close to save the changes
Un-tick the Sprint that are not applicable to your project
This way you can configure Sprint and Releases for your project using TFS.