I am pasting from the trace log here -
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# CRM Tracing Version 2.0
# LocalTime: 2014-08-06 09:13:35.206
# Categories:
# CallStackOn: Yes
# ComputerName: MMLA-MBIT01
# CRMVersion: 6.1.0000.0581
[2014-08-06 09:13:35.206] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 4(MSCRM:-RegistryWatcher.RegTrackerThreadProc) |Category: Platform |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | RegistryWatcher.RegTrackerThreadProc ilOffset = 0x40
at RegistryWatcher.RegTrackerThreadProc() ilOffset = 0x40
at ThreadHelper.ThreadStart_Context(Object state) ilOffset = 0x3B
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state) ilOffset = 0x34
at ThreadHelper.ThreadStart() ilOffset = 0x2A
>Error occurred while refreshing registry cache, cache has been cleared. Exception: System.IO.IOException: No more data is available.
at Microsoft.Win32.RegistryKey.Win32Error(Int32 errorCode, String str)
at Microsoft.Win32.RegistryKey.GetValueNames()
at Microsoft.Crm.RegistryCollection.UpdateCollection(Object sender, EventArgs e)
[2014-08-06 09:14:59.839] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 11 |Category: Exception |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | PlatformCommand.CreateCrmExceptionFromServiceFault ilOffset = 0x1B
at PlatformCommand.CreateCrmExceptionFromServiceFault(FaultException`1 fe) ilOffset = 0x1B
at PlatformCommand.XrmExecuteInternal() ilOffset = 0x10D
at RetrieveMultipleCommand.Execute() ilOffset = 0x0
at UserDataWebServiceCacheLoader.SetOutlookData(Guid key, UserData userData, IOrganizationContext context) ilOffset = 0xD6
at UserDataWebServiceCacheLoader.LoadCacheData(Guid key, IOrganizationContext context) ilOffset = 0x1F9
at ClientCacheLoaderProxy`2.LoadCacheData(TKey key, IOrganizationContext context) ilOffset = 0x39
at CrmMultiOrgCacheBase`2.CreateEntry(TKey key, IOrganizationContext context) ilOffset = 0x0
at CrmMultiOrgCacheBase`2.LookupEntry(TKey key, IOrganizationContext context) ilOffset = 0xE
at OutlookConfigurator.InitializeMapiStoreForFirstTime() ilOffset = 0xA3
at OutlookConfigurator.Configure(IProgressEventHandler progressEventHandler) ilOffset = 0x2D
at ConfigEngine.Configure(Object stateInfo) ilOffset = 0x46
at QueueUserWorkItemCallback.WaitCallback_Context(Object state) ilOffset = 0x1A
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at QueueUserWorkItemCallback.System.Threading.IThreadPoolWorkItem.ExecuteWorkItem() ilOffset = 0x35
at ThreadPoolWorkQueue.Dispatch() ilOffset = 0xA2
at _ThreadPoolWaitCallback.PerformWaitCallback() ilOffset = 0x0
>Crm Exception: Message: Principal user (Id=c62aa4b8-490f-e311-9425-0050568966a2, type=8) is missing prvReadUserQuery privilege (Id=f3b782a2-e6d5-4b86-9b7d-33f627fe5c5d), ErrorCode: -2147220960
[2014-08-06 09:15:30.047] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 4(MSCRM:-RegistryWatcher.RegTrackerThreadProc) |Category: Platform |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | RegistryKeyChangedEventHandler.Invoke ilOffset = 0xFFFFFFFF
at RegistryKeyChangedEventHandler.Invoke(Object sender, EventArgs e) ilOffset = 0xFFFFFFFF
at RegistryWatcher.RegTrackerThreadProc() ilOffset = 0x40
at ThreadHelper.ThreadStart_Context(Object state) ilOffset = 0x3B
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state) ilOffset = 0x34
at ThreadHelper.ThreadStart() ilOffset = 0x2A
>Error occurred while refreshing registry cache, cache has been cleared. Exception: System.IO.IOException: No more data is available.
at Microsoft.Win32.RegistryKey.Win32Error(Int32 errorCode, String str)
at Microsoft.Win32.RegistryKey.GetValueNames()
at Microsoft.Crm.RegistryCollection.UpdateCollection(Object sender, EventArgs e)
[2014-08-06 09:15:30.052] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 4(MSCRM:-RegistryWatcher.RegTrackerThreadProc) |Category: Platform |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | RegistryKeyChangedEventHandler.Invoke ilOffset = 0xFFFFFFFF
at RegistryKeyChangedEventHandler.Invoke(Object sender, EventArgs e) ilOffset = 0xFFFFFFFF
at RegistryWatcher.RegTrackerThreadProc() ilOffset = 0x40
at ThreadHelper.ThreadStart_Context(Object state) ilOffset = 0x3B
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state) ilOffset = 0x34
at ThreadHelper.ThreadStart() ilOffset = 0x2A
>Error occurred while refreshing registry cache, cache has been cleared. Exception: System.IO.IOException: No more data is available.
at Microsoft.Win32.RegistryKey.Win32Error(Int32 errorCode, String str)
at Microsoft.Win32.RegistryKey.GetValueNames()
at Microsoft.Crm.RegistryCollection.UpdateCollection(Object sender, EventArgs e)
[2014-08-06 09:15:30.054] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 4(MSCRM:-RegistryWatcher.RegTrackerThreadProc) |Category: Platform |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | RegistryKeyChangedEventHandler.Invoke ilOffset = 0xFFFFFFFF
at RegistryKeyChangedEventHandler.Invoke(Object sender, EventArgs e) ilOffset = 0xFFFFFFFF
at RegistryWatcher.RegTrackerThreadProc() ilOffset = 0x40
at ThreadHelper.ThreadStart_Context(Object state) ilOffset = 0x3B
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state) ilOffset = 0x34
at ThreadHelper.ThreadStart() ilOffset = 0x2A
>Error occurred while refreshing registry cache, cache has been cleared. Exception: System.IO.IOException: No more data is available.
at Microsoft.Win32.RegistryKey.Win32Error(Int32 errorCode, String str)
at Microsoft.Win32.RegistryKey.GetValueNames()
at Microsoft.Crm.RegistryCollection.UpdateCollection(Object sender, EventArgs e)
[2014-08-06 09:15:30.062] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 4(MSCRM:-RegistryWatcher.RegTrackerThreadProc) |Category: Platform |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | OfflineWatcher.RegistryChangeHandler ilOffset = 0x0
at OfflineWatcher.RegistryChangeHandler(Object sender, EventArgs e) ilOffset = 0x0
at RegistryKeyChangedEventHandler.Invoke(Object sender, EventArgs e) ilOffset = 0xFFFFFFFF
at RegistryWatcher.RegTrackerThreadProc() ilOffset = 0x40
at ThreadHelper.ThreadStart_Context(Object state) ilOffset = 0x3B
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state) ilOffset = 0x34
at ThreadHelper.ThreadStart() ilOffset = 0x2A
>Unable to Read RCOffline registry value
[2014-08-06 09:15:30.068] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 4(MSCRM:-RegistryWatcher.RegTrackerThreadProc) |Category: Platform |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | OfflineWatcher.RegistryChangeHandler ilOffset = 0x0
at OfflineWatcher.RegistryChangeHandler(Object sender, EventArgs e) ilOffset = 0x0
at RegistryKeyChangedEventHandler.Invoke(Object sender, EventArgs e) ilOffset = 0xFFFFFFFF
at RegistryWatcher.RegTrackerThreadProc() ilOffset = 0x40
at ThreadHelper.ThreadStart_Context(Object state) ilOffset = 0x3B
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state) ilOffset = 0x34
at ThreadHelper.ThreadStart() ilOffset = 0x2A
>Unable to Read RCOffline registry value
[2014-08-06 09:15:30.069] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 11 |Category: Exception |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | InvalidOrganizationIdException..ctor ilOffset = 0x26
at InvalidOrganizationIdException..ctor(Guid organizationId) ilOffset = 0x26
at ClientOrganizationContextFactory.Get(Guid organizationId) ilOffset = 0x3A
at ClientOrganizationContextFactory.Microsoft.Crm.IOrganizationContextFactory.GetOrganizationContext(Guid organizationId) ilOffset = 0x1
at BasicCrmCache`2.RefreshClientEntryCallback(String key) ilOffset = 0x1B
at ClientCrmCache`1.RefreshEntryWaitCallback(Object keyString) ilOffset = 0x1F
at ClientCrmCacheInternal.InvokeAllCallbacks(Object nullObject) ilOffset = 0x60
at TimerQueueTimer.CallCallbackInContext(Object state) ilOffset = 0x18
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at TimerQueueTimer.CallCallback() ilOffset = 0x57
at TimerQueueTimer.Fire() ilOffset = 0x47
at TimerQueue.FireNextTimers() ilOffset = 0xEE
at TimerQueue.AppDomainTimerCallback() ilOffset = 0xA
>Crm Exception: Message: Invalid OrganizationId "4ad46f72-3a0f-e311-9425-0050568966a2"., ErrorCode: -2147220970
[2014-08-06 09:15:30.170] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 11 |Category: Exception |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | InvalidOrganizationIdException..ctor ilOffset = 0x26
at InvalidOrganizationIdException..ctor(Guid organizationId) ilOffset = 0x26
at ClientOrganizationContextFactory.Get(Guid organizationId) ilOffset = 0x3A
at ClientOrganizationContextFactory.Microsoft.Crm.IOrganizationContextFactory.GetOrganizationContext(Guid organizationId) ilOffset = 0x1
at CrmSharedMultiOrgCache`2.RefreshClientEntryCallback(String itemKeyNonSharedString) ilOffset = 0x2F
at ClientCrmCache`1.RefreshEntryWaitCallback(Object keyString) ilOffset = 0x1F
at ClientCrmCacheInternal.InvokeAllCallbacks(Object nullObject) ilOffset = 0x60
at TimerQueueTimer.CallCallbackInContext(Object state) ilOffset = 0x18
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at TimerQueueTimer.CallCallback() ilOffset = 0x57
at TimerQueueTimer.Fire() ilOffset = 0x47
at TimerQueue.FireNextTimers() ilOffset = 0xEE
at TimerQueue.AppDomainTimerCallback() ilOffset = 0xA
>Crm Exception: Message: Invalid OrganizationId "4ad46f72-3a0f-e311-9425-0050568966a2"., ErrorCode: -2147220970
[2014-08-06 09:15:30.272] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 11 |Category: Exception |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | InvalidOrganizationIdException..ctor ilOffset = 0x26
at InvalidOrganizationIdException..ctor(Guid organizationId) ilOffset = 0x26
at ClientOrganizationContextFactory.Get(Guid organizationId) ilOffset = 0x3A
at ClientOrganizationContextFactory.Microsoft.Crm.IOrganizationContextFactory.GetOrganizationContext(Guid organizationId) ilOffset = 0x1
at CrmMultiOrgCache`2.RefreshClientEntryCallback(String key) ilOffset = 0x0
at ClientCrmCache`1.RefreshEntryWaitCallback(Object keyString) ilOffset = 0x1F
at ClientCrmCacheInternal.InvokeAllCallbacks(Object nullObject) ilOffset = 0x60
at TimerQueueTimer.CallCallbackInContext(Object state) ilOffset = 0x18
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at TimerQueueTimer.CallCallback() ilOffset = 0x57
at TimerQueueTimer.Fire() ilOffset = 0x47
at TimerQueue.FireNextTimers() ilOffset = 0xEE
at TimerQueue.AppDomainTimerCallback() ilOffset = 0xA
>Crm Exception: Message: Invalid OrganizationId "4ad46f72-3a0f-e311-9425-0050568966a2"., ErrorCode: -2147220970
[2014-08-06 09:15:32.735] Process:OUTLOOK |Organization:00000000-0000-0000-0000-000000000000 |Thread: 4(MSCRM:-RegistryWatcher.RegTrackerThreadProc) |Category: Platform |User: 00000000-0000-0000-0000-000000000000 |Level: Error |ReqId: | OfflineWatcher.RegistryChangeHandler ilOffset = 0x0
at OfflineWatcher.RegistryChangeHandler(Object sender, EventArgs e) ilOffset = 0x0
at RegistryKeyChangedEventHandler.Invoke(Object sender, EventArgs e) ilOffset = 0xFFFFFFFF
at RegistryWatcher.RegTrackerThreadProc() ilOffset = 0x40
at ThreadHelper.ThreadStart_Context(Object state) ilOffset = 0x3B
at ExecutionContext.RunInternal(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x70
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state, Boolean preserveSyncCtx) ilOffset = 0x9
at ExecutionContext.Run(ExecutionContext executionContext, ContextCallback callback, Object state) ilOffset = 0x34
at ThreadHelper.ThreadStart() ilOffset = 0x2A
>Unable to Read RCOffline registry value
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Thanks.