From the blog "traison's Skyrim Tech Support Blog"

1. Foreword   This paper is intended to help with reading Papyrus logs, and solving issues reported in them.   Papyrus logs are not crash logs, unlike what has been claimed in the past. Papyrus logs are only useful in a crash, if an actual crash log hints at it. In the rare case that Papyrus is involved with a crash, it most likely shouldn’t be read literally, but rather be used to measure the general health of the Papyrus engine. See section 6 for more about this.