Solution:
First drop the existing Perfstat user before running the spcreate again.
There should be a script called spdrop.sql which would do this for you.
sql>@$ORACLE_HOME/rdbms/admin/spdrop.sql
Then run spcreate to create the statspack environment.
sql>@$ORACLE_HOME/rdbms/admin/spcreate.sql
once created login to perfstat and run the execute statspack.snap at different intervals and run spreport to see the statspack report.
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