I installed a new test site than upgraded to the latest version. I am getting this error for smilies. Any ideas, I got no errors when doing the upgrade.

Code
Parse error: syntax error, unexpected T_STRING in /home/glidercentral/public_html/test/libs/bbcode.inc.php(124) : regexp code on line 1

Fatal error: preg_replace() [<a href='function.preg-replace'>function.preg-replace</a>]: Failed evaluating code: ' '.$this-&gt;handle_graemlin(':cry:', '&lt;img src=&quot;&lt;&lt;GRAEMLIN_URL&gt;&gt;/crying.gif&quot; alt=&quot;$ubbt_lang['ICON_CRY']&quot; title=&quot;$ubbt_lang['ICON_CRY']&quot; height=&quot;15&quot; width=&quot;15&quot; /&gt;').'' in /home/glidercentral/public_html/test/libs/bbcode.inc.php on line 124