We manually downloaded the 64 bit Java version from the Java website, in addition to the 32 one that downloaded automatically and it hasn't crashed since.
it happens randomly and in both multiplayer and single player worlds
On Mon, Jan 21, 2013 at 10:22 PM, [Mod] CubeTheThird (JIRA) <
Our issue was flagged as a dupe of this one, so I will post our solution here as well. We manually downloaded the 64 bit version of Java from the Java website, in addition to the 32 one that automatically downloaded. Since we've done this, the Out of Memory error has not occurred.