Object reference not set to an instance of an object + Unable to display this webpart + Error while executing webpart in SharePoint 2010

Problem Description: XSLT list views do not work / TIMEOUT FOR XML TRANSFORMATIONS

Error Message#1: Unable to display this Web Part. To troubleshoot the problem, open this Web page in a Microsoft SharePoint Foundation-compatible HTML editor such as Microsoft SharePoint Designer. If the problem persists, contact your Web server administrator.

Error Message#2: Error while executing web part: System.NullReferenceException: Object reference not set to an instance of an object.

Debugging SP Logs:

0x1578 SharePoint Foundation         Web Parts                     89a1

High     Error while executing web part: System.NullReferenceException: Object reference not set to an instance of an object.     at System.Xml.Xsl.XslCompiledTransform.Load(MethodInfo executeMethod, Byte[] queryData, Type[] earlyBoundTypes)     at Microsoft.Xslt.STransform.GetCompiledTransform()     at Microsoft.SharePoint.WebPartPages.BaseXsltListWebPart.LoadXslCompiledTransform(WSSXmlUrlResolver someXmlResolver)     at Microsoft.SharePoint.WebPartPages.DataFormWebPart.GetXslCompiledTransform()     at Microsoft.SharePoint.WebPartPages.DataFormWebPart.PrepareAndPerformTransform(Boolean bDeferExecuteTransform)

Resolution:  After analysing the complete SharePoint environment, we realized that if this issue started recently so there must be some changes happened with respect to the updates. When we checked the updates then we found that there are some windows updates got installed recently but difficult to find out the culprit.

Here it comes the MICROSOFT as a LIFE SAVER and remove your headache by means of this issue. Millions Thanks to Microsoft once again!!!

Please refer the following Microsoft TechNet thread:

http://social.msdn.microsoft.com/forums/windowsazure/ru-ru/871a0661-05d0-4f3a-b66d-2504552142bd/error-while-executing-web-part-systemnullreferenceexception-object-reference-not-set-to-an

ALSO- http://support.microsoft.com/kb/2872441

Overall conclusion is:

If you want to get rid of this issue then please refer the following steps:

-Uninstalled this update: Windows KB2844286

-Hide the update

-reboot the server

Thank you very much for reading this article.

If you would like to share some updates from your side with respect to this issue (any new resolution, any new findings, new easy resolution apart from the above mentioned) then please share so that it would be useful for the whole community.