For my launcher you have to check a box in order to edit it. This happened to me because I forgot to uncheck the box to stop editing it. I also forgot to click Save Profile before.
First the world generation was stuck at 0%. The second time, it just freezes. Third time, it is this. I don't know why.
I changed it to 2 GB then back to 1 GB and somehow it still crashes.
I use 1 GB of RAM still, but now it says its out of memory. I used 1 GB before and this never happened.
what do you mean by 'restarting minecraft and launcher'? Do you just re-open the launcher and minecraft?