rake assets precompile aborted with rails 3.2.11

I have to run rake assets:precompile command before deploying in rackspace server, recently upgraded rails version from 3.2.9 to 3.2.11 due to the security patch and Upgraded JSON GEM.

I get the following error and rake abort.

 $> rake assets:precompile --trace
 ** Invoke assets:precompile:all (first_time)
 ** Execute assets:precompile:all
 ** Invoke assets:precompile:primary (first_time)
 ** Invoke assets:environment (first_time)
 ** Execute assets:environment
 ** Invoke environment (first_time)
 ** Execute environment
 ** Invoke tmp:cache:clear (first_time)
 ** Execute tmp:cache:clear
 ** Execute assets:precompile:primary

 rake aborted!
 Command failed with status (): [/usr/local/rvm/rubies/ruby-1.9.3-p385/bin/...]
 /usr/local/rvm/gems/ruby-1.9.3-p385@global/gems/rake-10.0.3/lib/rake   /file_utils.rb:53:in `block in create_shell_runner'
 /usr/local/rvm/gems/ruby-1.9.3-p385@global/gems/rake-10.0.3/lib/rake/file_utils.rb:45:in `call'
 /usr/local/rvm/gems/ruby-1.9.3-p385@global/gems/rake-10.0.3/lib/rake/file_utils.rb:45:in `sh'
 /usr/local/rvm/gems/ruby-1.9.3-p385/gems/actionpack-3.2.11/lib/sprockets/assets.rake:12:in `ruby_rake_task'
 /usr/local/rvm/gems/ruby-1.9.3-p385/gems/actionpack-3.2.11/lib/sprockets/assets.rake:21:in `invoke_or_reboot_rake_task'
 /usr/local/rvm/gems/ruby-1.9.3-p385/gems/actionpack-3.2.11/lib/sprockets/assets.rake:29:in `block (2 levels) in <top (required)>'
 /usr/local/rvm/gems/ruby-1.9.3-p385@global/gems/rake-10.0.3/lib/rake/application.rb:160:in  `standard_exception_handling'
 /usr/local/rvm/gems/ruby-1.9.3-p385@global/gems/rake-10.0.3/lib/rake/application.rb:70:in `run'
 /usr/local/rvm/gems/ruby-1.9.3-p385@global/gems/rake-10.0.3/bin/rake:33:in `<top (required)>'
/usr/local/rvm/gems/ruby-1.9.3-p385@global/bin/rake:19:in `load'
/usr/local/rvm/gems/ruby-1.9.3-p385@global/bin/rake:19:in `<main>'
/usr/local/rvm/gems/ruby-1.9.3-p385/bin/ruby_noexec_wrapper:14:in `eval'
/usr/local/rvm/gems/ruby-1.9.3-p385/bin/ruby_noexec_wrapper:14:in `<main>'
Tasks: TOP => assets:precompile

Any solution for this ?

May be memory issue? Try upgrading the RAM in VPS