undefined is null or not an object in jQuery Core IE only

undefined is null or not an object in jQuery Core IE only

IE (8 & compatibility mode) reports an 'undefined' is null or not an object error on line 30, char 144 of jQ 1.4.2.min.js when the following code is included in my page under a document.ready statement:
 
       $(document).ready(function() { 
              $('#splashimg').load(function(){$('#splashtext').delay(4000).each(toggletext())});
              $('#splashimg').attr('src', 'i/august2010splash.jpg');

              ...
where #splashimg is:
 
       <img src="/i/s.gif" name="splashimg" width="850" height="500" border="0" id="splashimg" />
The script seems unaffected by the error (and disappears when the js statement in bold is removed), but it is annoying to see the error flag in the status bar. No error is reported in FF. Any ideas what could be causing it? Thanks.