Reproduction steps(GIF attached):
1. Create new Unity project, open it, click on "Layout > Default", select "Console" tab and close this project.
2. Create another new Unity project and open it.
3. Create and select "3D Object > Cube".
4. Attach "Cloth" component to it.
5. Select "Project" tab.
6. Unity crashes on "GrayscaleFilterEffect::RenderGrayscaleFade".

Additional note:
error is thrown when game object with cloth component is selected:
GetLocalizedString is not allowed to be called from a MonoBehaviour constructor, call it in Awake or Start instead. Called from script 'ClothInspector' on game object ''.
See "Script Serialization" page in the Unity Manual for further details.
UnityEditor.ClothInspector:.cctor()

Reproduced with: 5.4.0a5, 5.4.0b1
Not reproducible: 5.4.0a4