Why is this getting out of memory?

I've just flashed an Olimexino-STM32 board with the 1.60 version. Blinking LED's are working fine, but the code below produces an out of memory error when x=220, I've tried to rewrite the JavaScript in several ways, without luck.

It doesn't make much sense to me, but an unqualified guess would be that the strings produced in the console.log statement are not being released.

var i=0;

function Testing() {
        console.log(i);
        i++;
        // No effect
        process.memory();
}

for (var x=0; x<1000; x++)
        Testing();