Error "Function 5078 (QP5_GUI_GET_CONTROL_SETTINGS) was called with a NULL handle, but it require (4328379)

Encountered the following error when accessing Toad Options (Formatter and General)

API Guard ( QP5 Version 5.185.11230.41888)
Function 5078 (QP5_GUI_GET_CONTROL_SETTINGS) was called with a NULL handle, but it requires a handle of type GUI.
YES = continue, NO= continue and stop bugging me, CANCEL- abort program.

The error also occurs when doing a right click on the Editor window and selecting Formatting Tools | Formatter options.

WORKAROUND1

1. Backup existing User Files folder by renaming it.

On Windows XP, the location is

C:\Documents and Settings\<username>\Application Data\Quest Software\Toad for Oracle\11.0\User Files

On Windows Vista or 7, the location is
C:\Users\<username>\AppData\Roaming\Quest Software\Toad for Oracle\11.0\User Files

2. Startup Toad and determine if the error persists.

WORKAROUND2

1. Click on the NO button to dismiss the error message
2. If the Options window is still opened, choose another node besides Formatter or General
3. Click OK to close the window
4. If the error goes away, restart Toad and check if the error persist.

STATUS:
Waiting for fix in a future version of Toad for Oracle.

In most cases, these workarounds only work for that session of Toad for Oracle.
Once Toad for Oracle is closed and re-opened the issue return and the workaround has to be executed again.