First snapshot shows the bug, the second show how it should look and how it does look after quitting the game (client) and restarting it.
Always appears in the same location and approaching from the same direction.
Frank
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Please force a crash by pressing F3 + C for 10 seconds while in-game and attach the crash report ([minecraft|http://hopper.minecraft.net/help/finding-minecraft-data-folder]/crash-reports/crash-<DATE>-client.txt
) here.
Please go to the surface of the world at that point and look around, probably one or more chunks are missing, see MC-2545