[MCL-450] Fatal error launching game (java.lang.NullPointerException:getMinecraftArguments)

Trying to launch a custom game by using the profile feature failes with the folling error (the whole log is posted, default profile works without a problem):

Launcher 0.9.2 (Dev) (through bootstrap 2) started on windows...
System.getProperty('os.name') == 'Windows 7'
System.getProperty('os.version') == '6.1'
System.getProperty('os.arch') == 'amd64'
System.getProperty('java.version') == '1.7.0_21'
System.getProperty('java.vendor') == 'Oracle Corporation'
Going to log in with legacy stored username & password...
Loaded 2 profile(s); selected 'BlueCreaper 1.5.2 Optifine'
Trying to log in...
Delta time to compare resources: 376 ms 
Download job 'Resources' skipped as there are no files to download
Job 'Resources' finished successfully
Logged in successfully
Getting syncinfo for selected version
Queueing library & version downloads
Download job 'Version & Libraries' started (8 threads, 1 files)
Finished downloading C:\Users\Apple\AppData\Roaming\.minecraft\versions\1.5.2-Optifine\1.5.2-Optifine.jar for job 'Version & Libraries': Couldn't connect to server (responded with 403) but have local file, assuming it's good
Job 'Version & Libraries' finished successfully
Launching game
Unpacking natives to C:\Users\Apple\AppData\Roaming\.minecraft\versions\1.5.2-Optifine\1.5.2-Optifine-natives-5310545505744
Launching in C:\Users\Apple\AppData\Roaming\.minecraft
Fatal error launching game. Report this to http://mojang.atlassian.net please!
java.lang.NullPointerException
	at net.minecraft.launcher.GameLauncher.getMinecraftArguments(GameLauncher.java:233)
	at net.minecraft.launcher.GameLauncher.launchGame(GameLauncher.java:187)
	at net.minecraft.launcher.GameLauncher.onDownloadJobFinished(GameLauncher.java:385)
	at net.minecraft.launcher.updater.download.DownloadJob.popAndDownload(DownloadJob.java:95)
	at net.minecraft.launcher.updater.download.DownloadJob.access$000(DownloadJob.java:10)
	at net.minecraft.launcher.updater.download.DownloadJob$1.run(DownloadJob.java:65)
	at java.util.concurrent.Executors$RunnableAdapter.call(Unknown Source)
	at java.util.concurrent.FutureTask$Sync.innerRun(Unknown Source)
	at java.util.concurrent.FutureTask.run(Unknown Source)
	at java.util.concurrent.ThreadPoolExecutor.runWorker(Unknown Source)
	at java.util.concurrent.ThreadPoolExecutor$Worker.run(Unknown Source)
	at java.lang.Thread.run(Unknown Source)