Ionic v2 Cannot find module 'webpack' (CLI v2.0.0-beta.15)

Installed ionic 2 CLI and when i do ionic serve i get the following:->

? Compiling and bundling with Webpack...
There was an error loading webpack.config.js:

Error: Cannot find module 'webpack'
    at Function.Module._resolveFilename (module.js:326:15)
    at Function.Module._load (module.js:277:25)
    at Module.require (module.js:354:17)
    at require (internal/module.js:12:17)
    at Object.<anonymous> (C:\wamp\www\IONIC2\cutePuppyPics\webpack.config.js:2:
    at Module._compile (module.js:398:26)
    at Object.Module._extensions..js (module.js:405:10)
    at Module.load (module.js:344:32)
    at Function.Module._load (module.js:301:12)
    at Module.require (module.js:354:17)

Cannot find module 'webpack' (CLI v2.0.0-beta.15)

Your system information:

Cordova CLI: 5.4.1
Gulp version:  CLI version 3.9.0
Gulp local:
Ionic Version: 2.0.0-alpha.45
Ionic CLI Version: 2.0.0-beta.15
Ionic App Lib Version: 2.0.0-beta.8
OS: Windows 7
Node Version: v5.3.0

What to do now??