This reason I ask for the settings you have put it on, is that under the default settings, which I, and many others run under, aren't experiencing this issue. So, if you have changed a setting then, we can see if it that setting change that is causing the memory leak. The only option I have changed from default is to check the option to keep maps loaded after loading them once.
If you have not changed any settings, then I suggest you first unistall, making sure to remove all left behind traces, then install clean with the .03.16 version off of the downloads page, if you don't have the install file any more. Then make sure to run the updater.
It sounds like something didn't update properly, and is causing a memory leak.