Replicating ERROR: invalid jump destination (PUSH1) 2

I don't know what source code you were executing, but I can replicate the invalid jump destination (PUSH1) 2 error by running the following function:

contract TestInvalidJumpLoc {

    function testInvalidJumpLocation() public constant returns (uint[5]) {
      uint[5] memory data;
      uint j = 1;
      j = j - 2;
      data[j] = 1235;
      return data;
    }

And executing the function to get the following results:

 testInvalidJumpLocContract.testInvalidJumpLocation()
 ...
 PC 00000304: JUMP GAS: 49978004 COST: 8 ERROR: invalid jump destination (PUSH1) 2
...

This error could have been caused by some other parts of your code, but an invalid array index definitely generates this message.

The above snippet was taken from my answer to the question Bad Jump Array solidity and Data location .

An easier to interpret trace can be seen here at ether.camp.

What happened is that the contract tried to call another contract, specifying a gas quantity of self.gas - 34050. Since your execution had less than that much gas remaining at the time it was called, the result was a negative number, which translates into a very large positive number in unsigned arithmetic. It then attempted to make a call with that, and the EVM threw an exception because it was attempting to spend more gas than was available.

EVM exceptions result in all gas being consumed, and the transaction being rolled back.