This glitch had bugged me for more than a year. In Windows XP, the setting must be adjusted by a registry entry, as follows. Find the ENUM key for the PS/2 mouse in question. For the PS/2 TrackPoint on my IBM ThinkPad, the key is HKLM\SYSTEM\CurrentControlSet\Enum\ACPI\IBM3780\4&1d6f7eae&0. Under the subkey "Device Parameters", find the DWORD value "MouseInitializePolled". The default value is 0. The effect of entering a 1 is that the device in question is initialized by polling (repeated as necessary) instead of by listening for an interrupt (“Fast Initialization”).
In my case, the error appeared only occasionally until I have installed a full complement of keyboard and pointing class devices (optical mouse, USB keyboard with built-in TrackPoint, touchpad and a drawing tablet). Thereafter it appears on just about every warm boot and on the occasional cold boot. It is not just a spurious error, since when it occurs the sensitivity on the PS/2 TrackPoint is set incorrectly.
In my case, this problem stopped to appear after I went to Device Manager -> Mouse and other tracking devices -> IBM PS/2 TrackPoint -> Advance Settings, and I disabled “Fast Initialization” (Enabled by Default).