Please help.

Hey guys. I have never encountered this before, but when I start my server up, it gives me this error.

Code:

23.01 00:41:45 [Server] ERROR This crash report has been saved to: /./crash-reports/crash-2014-01-23_00.41.45-server.txt
23.01 00:41:45 [Server] INFO ... 4 more
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.MinecraftServer.u(MinecraftServer.java:633) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.WorldServer.tickEntities(WorldServer.java:480) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.World.tickEntities(World.java:1207) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.World.playerJoinedWorld(World.java:1319) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.World.entityJoinedWorld(World.java:1338) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.EntityFallingBlock.h(EntityFallingBlock.java:137) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.ItemStack.<init>(ItemStack.java:28) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.ItemStack.<init>(ItemStack.java:43) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.ItemStack.setData(ItemStack.java:158) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.ItemStack.usesData(ItemStack.java:135) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO Caused by: java.lang.NullPointerException
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.ThreadServerApplication.run(SourceFile:617) [craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.MinecraftServer.run(MinecraftServer.java:453) [craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.MinecraftServer.t(MinecraftServer.java:541) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.DedicatedServer.u(DedicatedServer.java:250) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO at net.minecraft.server.v1_7_R1.MinecraftServer.u(MinecraftServer.java:637) ~[craftbukkit-1.7.2-2950.jar:git-Bukkit-1.6.4-R2.0-37-g4857595-b2950jnks]
23.01 00:41:45 [Server] INFO net.minecraft.server.v1_7_R1.ReportedException: Ticking entity
23.01 00:41:45 [Server] ERROR Encountered an unexpected exception

At first I thought it was a corrupted chunk/world, but I installed a new world and it gave me the same error. Please help! I cannot connect to my server, it keeps saying "Logging in.." for a while then it says "Internal Exception: io.netty.handler.timeout.ReadTimeoutException".

 

What does the crash logs say? They're created for a reason