First your graphics driver is newer than the verified one. V-Ray is built against given version of the nVidia driver API. Newer APIs may introduce instabilities or problems. Chaos verifies each driver release against some internal tests. If the driver is newer than the last verified - use it on your own risk.
Second - there seem to be insufficient memory on your graphcs card to render the scene. Either
try to reduce the complexity (fur, displacement, texture size and/or compression, etc);
try to reduce the GPU load (eliminate additional running software that takes up GPU memory)