Chose the build before the update, let's check if it works...
Again, there was an error. With the Build: 7.2.5|1.2.5
Minecraft has crashed!
----------------------
Minecraft has stopped running because it encountered a problem.
--- BEGIN ERROR REPORT 1140f1ae --------
Generated 29.07.12 17:53
Minecraft: Minecraft 1.2.5
OS: Windows 7 (x86) version 6.1
Java: 1.7.0_05, Oracle Corporation
VM: Java HotSpot Client VM (mixed mode, sharing), Oracle Corporation
LWJGL: 2.4.2
OpenGL: Intel 965/963 Graphics Media Accelerator version 2.0.0 - Build 8.14.10.1930, Intel
java.lang.NullPointerException
at cpw.mods.fml.common.modloader.ModLoaderModContainer.init(ModLoaderModContainer.java:356)
at cpw.mods.fml.common.Loader.modInit(Loader.java:273)
at cpw.mods.fml.common.Loader.initializeMods(Loader.java:628)
at cpw.mods.fml.client.FMLClientHandler.onLoadComplete(FMLClientHandler.java:223)
at net.minecraft.client.Minecraft.a(Minecraft.java:429)
at net.minecraft.client.Minecraft.run(Minecraft.java:738)
at java.lang.Thread.run(Unknown Source)
--- END ERROR REPORT f5caf14c ----------