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Here's the Crash Report:

---- Minecraft Crash Report ----
// Oops.

Time: 5/15/14 8:27 PM
Description: Ticking memory connection

java.lang.NullPointerException: Ticking memory connection
at cpw.mods.fml.common.network.internal.FMLProxyPacket.func_148833_a(FMLProxyPacket.java:81)
at net.minecraft.network.NetworkManager.func_74428_b(NetworkManager.java:197)
at net.minecraft.network.NetworkSystem.func_151269_c(NetworkSystem.java:165)
at net.minecraft.server.MinecraftServer.func_71190_q(MinecraftServer.java:643)
at net.minecraft.server.MinecraftServer.func_71217_p(MinecraftServer.java:531)
at net.minecraft.server.integrated.IntegratedServer.func_71217_p(IntegratedServer.java:186)
at net.minecraft.server.MinecraftServer.run(MinecraftServer.java:414)
at net.minecraft.server.MinecraftServer$2.run(MinecraftServer.java:669)


A detailed walkthrough of the error, its code path and all known details is as follows:
---------------------------------------------------------------------------------------

-- Head --
Stacktrace:
at cpw.mods.fml.common.network.internal.FMLProxyPacket.func_148833_a(FMLProxyPacket.java:81)
at net.minecraft.network.NetworkManager.func_74428_b(NetworkManager.java:197)

-- Ticking connection --
Details:
Connection: [email protected]
Stacktrace:
at net.minecraft.network.NetworkSystem.func_151269_c(NetworkSystem.java:165)
at net.minecraft.server.MinecraftServer.func_71190_q(MinecraftServer.java:643)
at net.minecraft.server.MinecraftServer.func_71217_p(MinecraftServer.java:531)
at net.minecraft.server.integrated.IntegratedServer.func_71217_p(IntegratedServer.java:186)
at net.minecraft.server.MinecraftServer.run(MinecraftServer.java:414)
at net.minecraft.server.MinecraftServer$2.run(MinecraftServer.java:669)

-- System Details --
Details:
Minecraft Version: 1.7.2
Operating System: Windows 7 (x86) version 6.1
Java Version: 1.7.0_51, Oracle Corporation
Java VM Version: Java HotSpot(TM) Client VM (mixed mode, sharing), Oracle Corporation
Memory: 11295504 bytes (10 MB) / 518979584 bytes (494 MB) up to 518979584 bytes (494 MB)
JVM Flags: 2 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx512M
AABB Pool Size: 6403 (358568 bytes; 0 MB) allocated, 6403 (358568 bytes; 0 MB) used
IntCache: cache: 0, tcache: 0, allocated: 13, tallocated: 95
FML: MCP v9.03 FML v7.2.194.1079 Minecraft Forge 10.12.1.1079 Optifine OptiFine_1.7.2_HD_U_D1 20 mods loaded, 20 mods active
mcp{9.03} [Minecraft Coder Pack] (minecraft.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
FML{7.2.194.1079} [Forge Mod Loader] (forge-1.7.2-10.12.1.1079.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
Forge{10.12.1.1079} [Minecraft Forge] (forge-1.7.2-10.12.1.1079.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
TooManyItems{1.7.2} [TooManyItems] (minecraft.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
battlegear2{1.0.5.4} [Mine & Blade Battlegear 2 - Bullseye] (1.7.2-MB_Battlegear2-Bullseye-1.0.5.4.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
bspkrsCore{6.7(1.7.2)} [bspkrsCore] ([1.7.2]bspkrsCore-universal-6.7(1.7.2).jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
TreeCapitator{1.7.2.r01} [TreeCapitator] ([1.7.2]TreeCapitator-universal-1.7.2.r01.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
ArchimedesShips{1.7.2 v1.5.2} [Archimedes' Ships] (ArchimedesShips.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
BiblioCraft{1.6.3} [BiblioCraft] (BiblioCraft[1.6.3][MC1.7.2].jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
BiomesOPlenty{2.0.0} [Biomes O' Plenty] (BiomesOPlenty-1.7.2-2.0.0.722-universal.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
CarpentersBlocks{3.1.4} [Carpenter's Blocks] (Carpenter's Blocks v3.1.4 - MC 1.7+.zip) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
CustomSpawner{3.2.0.dev.R1} [DrZhark's CustomSpawner] (CustomMobSpawner 3.2.0-DEV-R2.zip) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
customnpcs{1.7.2} [CustomNpcs] (CustomNPCs_1.7.2.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
MoCreatures{6.2.0.dev.R1} [DrZhark's Mo'Creatures Mod] (DrZharks MoCreatures Mod v6.2.0-DEV-R2.zip) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
DyeableBeds{1.7.2 R2} [Dyeable Beds] (Dyeable Beds-1.7.2 R4.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
flansmod{4.2.3} [flansmod] (Flans Mod-1.7.2-4.2.3.jar) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
guilib{1.0.7.0} [GUI Library] (Forge_GuiLibv1.0.7.0.zip) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
PaintingSelGui{1.7.2.0} [PaintingSelectionGui] (Forge_PaintingSelectionGuiv1.7.2.0.zip) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
radixcore{1.1.1} [RadixCore] (RadixCore-1.1.1 MC-1.7.2.zip) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
mca{4.0.3} [Minecraft Comes Alive] (MCA-4.0.3 MC-1.7.2.zip) Unloaded->Constructed->Pre-initialized->Initialized->Post-initialized->Available->Available->Available->Available
Profiler Position: N/A (disabled)
Vec3 Pool Size: 1462 (81872 bytes; 0 MB) allocated, 1296 (72576 bytes; 0 MB) used
Player Count: 1 / 8; [EntityPlayerMP['Mrgamer1234'/1856, l='SteelCraft Resorts and Islands', x=730.50, y=64.00, z=962.50]]
Type: Integrated Server (map_client.txt)
Is Modded: Definitely; Client brand changed to 'fml,forge'

Exact same issue here. Do you have any resolution or insight yet?