Unable to connect to host 127.0.0.1 on port 7055 after 45000 ms

Today I upgraded my current firefox version to 8.0. But all my scripts got failed with the error which reads

 org.openqa.selenium.firefox.NotConnectedException: Unable to connect to host 127.0.0.1 on port 7055 after 45000 ms at org.openqa.selenium.firefox.internal.NewProfileExtensionConnection.start(NewProfileExtensionConnection.java: 96) at org.openqa.selenium.firefox.FirefoxDriver.startClient(FirefoxDriver.java: 149) at org.openqa.selenium.remote.RemoteWebDriver.(RemoteWebDriver.java: 73) at org.openqa.selenium.firefox.FirefoxDriver.(FirefoxDriver.java: 128) at org.openqa.selenium.firefox.FirefoxDriver.(FirefoxDriver.java: 79)

Immediately I downgraded my FF version to 3.6. Now all my scripts are running up fine.

 Lesson I learnt :
" Never be in hurry to get newer version. Let it stabilize stabilize stabilize :)
 Otherwise we will run into problems :)"