Odd, could you try the following and see if it manages to load please?
If you have 64 bit Java could you check your allocated memory? (First launcher > Options > Memory settings) Just make sure it's allocated correctly, not trying to use more than your system has or too little etc.
Max Segments; 500
Shadows; OFF
Normal mapping; OFF
Lighting; 64
Procedural Background; OFF
In advanced settings,
Use Array Textures; OFF
2D compression; ON
Array comppression; ON
2D Mipmap; ON
Texture Array Mipmap; ON
Those settings should be quite light on the ram, so hopefully it'll help us determine if you are genuinely running out of memory or something weird is going on.