Init process at 100% CPU usage

I have a Ubuntu x64 machine on a OpenVZ VPS account on a QuadCore processor with 1GB/2GB(burst). A few days ago I've managed to successfully update it to 11.10 Oneiric Ocelot. There's only one problem: my "init" process (PID = 1) is at 100% CPU usage, keeping one core 99.5% of the time at full throttle.

Is there any solution to stop the strange init's behavior? Can I trace what happens behind that init process to find out what makes it spike so high?

From Bellum PLC Forum - Ubuntu 11.10 init 100% cpu usage bug:

I noticed an CPU usage issue with init due to upstart, Which was eating 99% ram constantly. and i decided to find working fix. This is a bug which has been confirmed by Ubuntu but below is a simple quick fix patch which should work completely for all.

Firstly Open up SSH and add the following PPA
add-apt-repository ppa:jammy/upstart.fix-880049
Hit enter and Enter again.

If It says command not found, Issue this command first
apt-get install python-software-properties
Then
apt-get update && apt-get upgrade

• What are PPAs and how do I use them

Unfortunately, because upstart makes heavy use of ptrace() for its 'expect fork' capabilities, it is really hard if not impossible to strace or attach to it w/ gdb most of the time.

However, you can turn on verbose logging.

initctl log-priority info

If you want even more stuff

initctl log-priority debug

This may at least give some clue as to what it is doing to use up all those CPU cycles.