The error code indicates a config failure.
Please ensure that you have the latest version of PicoLog installed which is available fromhttp://www.picotech.com/software.html
Uninstall the old version first and restart the PC if it is older than the current version.
The other thing to try is to delete the settings files located in a folder in:
Windows XP: C:\Documents and Settings\<Your user name>\Local Settings\Application Data\Pico Technology\
Windows Vista/7/8: C:\Users\<Your user name>\AppData\Local\Pico Technology\
You will need to enable hidden files and folders.
I hope this helps.