I bisected the problem:

You are probably looking for a change made after 341419 (known good), but no later than 341428 (first known bad).
NOTE: There is a Blink roll in the range, you might also want to do a Blink bisect.
CHANGELOG URL:
  https://chromium.googlesource.com/chromium/src/+log/51cb1e9c72ce683ac80ccfc34befc26b95240c87..64df28358d9c22a7ae4e3b2fe229de37c974d180

Seems to be OOM.

[1:2:0311/142317:FATAL:memory_linux.cc(36)] Out of memory.
#0 0x7febb295510e base::debug::StackTrace::StackTrace()
#1 0x7febb296770b logging::LogMessage::~LogMessage()
#2 0x7febb2979dfe base::(anonymous namespace)::OnNoMemory()
#3 0x7febb29d7dc9 ShimCppNew
#4 0x7febabb20249 std::string::_Rep::_S_create()
#5 0x7febabb20e0b std::string::_Rep::_M_clone()
#6 0x7febabb20ea4 std::string::reserve()
#7 0x7febb298b766 base::WriteUnicodeCharacter()
#8 0x7febb29654aa base::(anonymous namespace)::EscapeJSONStringImpl<>()
#9 0x7febb2964ae0 base::JSONWriter::BuildJSONString()
#10 0x7febb2964e78 base::JSONWriter::BuildJSONString()
#11 0x7febb29650e0 base::JSONWriter::BuildJSONString()
#12 0x7febb2964e78 base::JSONWriter::BuildJSONString()
#13 0x7febb2964e78 base::JSONWriter::BuildJSONString()
#14 0x7febb2964880 base::JSONWriter::Write()
#15 0x7febb29c238c base::trace_event::TracedValue::AppendAsTraceFormat()
#16 0x7febb5f2b868 cc::TracedDisplayItemList::AppendAsTraceFormat()
#17 0x7febb29c3067 base::trace_event::TraceEvent::AppendAsJSON()
#18 0x7febb29ad363 base::trace_event::TraceLog::ConvertTraceEventsToTraceFormat()
#19 0x7febb29ad1bc base::trace_event::TraceLog::FinishFlush()
#20 0x7febb29b280c base::debug::TaskAnnotator::RunTask()
#21 0x7febb296c07b base::MessageLoop::RunTask()
#22 0x7febb296c368 base::MessageLoop::DeferOrRunPendingTask()
#23 0x7febb296c52b base::MessageLoop::DoWork()
#24 0x7febb294c699 base::MessagePumpLibevent::Run()
#25 0x7febb297fb40 base::RunLoop::Run()
#26 0x7febb296b9ba base::MessageLoop::Run()
#27 0x7febb299b3a8 base::Thread::ThreadMain()
#28 0x7febb2997c33 base::(anonymous namespace)::ThreadFunc()
#29 0x7febac883182 start_thread
#30 0x7febab58547d clone

We are able to reproduce on win 7 canary 51.0.2674.0 .
and issue is inconsistent ( means some time it repros and some time it is not)  on stable 49.0.2623.87, beta 50.0.2661.26. Thanks

I found commit, which broke frame viewer:

commit 5a8a239a0236944b79e7fcb67a47e6ac5dd7e697
Author: Philip Rogers <pdr@chromium.org>
Date:   Thu Jul 30 19:59:35 2015 -0700

    Add cc.debug.display_items to the default FrameViewer categories

diff --git a/tracing/tracing/ui/extras/about_tracing/record_selection_dialog.html b/tracing/tracing/ui/extras/about_tracing/record_selection_dialog.html
index c151ba8..9832991 100644
--- a/tracing/tracing/ui/extras/about_tracing/record_selection_dialog.html
+++ b/tracing/tracing/ui/extras/about_tracing/record_selection_dialog.html
@@ -205,7 +205,8 @@ tr.exportTo('tr.ui.e.about_tracing', function() {
       categoryFilter: ['blink', 'cc', 'gpu', 'renderer.scheduler', 'v8',
         'toplevel',
         'disabled-by-default-cc.debug',
-        'disabled-by-default-cc.debug.picture']},
+        'disabled-by-default-cc.debug.picture',
+        'disabled-by-default-cc.debug.display_items']},
     {title: 'Manually select settings',
       categoryFilter: []}
   ];

I checked that 'disabled-by-default-cc.debug.display_items' breaks tracing in Manually select settings too.
So I checking trace data from display_item_list now.

Tested the issue on win8.1 chrome version 51.0.2675.0 and win7 canary with the steps given - observed that an error is displayed after clicking stop for the frame viewer record - please find the screenshot

On canary 51.0.2678.0  this error is not seen and chrome://tracing are displayed fine after few  seconds

lof84@, Could you please recheck the issue and if it still persist please provide us with crash report ids which get generated in chrome://crashes for further investigation.

hablich@, Could you please confirm if this is similar to issue 589783

Deleted: 594113.png 184 KB

	594113.png 184 KB View Download

Chromium 51.0.2680.0 - the problem is still present.
Chromium doesn't support crash reporting and I will be able to install chrome only tomorrow.
But it looks like bug is actual.

Also OOM ==> Looks similar

I checked chrome canary 51.0.2679.0. I got the same screenshot, but it didn't crash as chromium. (may be due to 32bit vs 64bit)
Was issue 589783 fixed?

As per confirmation from comment #8 duping this issue.