Error "An error occurred while collecting data for this component" while accessing the Error Log
It's worth noting that the actual error being reported can be found by clicking on the yellow exclamation mark as seen in the screenshot. The error is a timeout error. Notice it says the Error Log is ~750MB. Spotlight will timeout long before that amount of data transfers. So in this case, go and look at the Error Log in Management Studio. We must mention that it will probably take a very long time and cause a high load on the server.