Hi guys, thanks for all your replies, I had opened up a support case with VMware and this is still a known bug even in ESXi 5.1 Update 1. There is no work around in our situation, well actually I'll elaborate on that:
Our current infrastructure is Cisco UCS and VMware ESXi booting from FCoE, once we removed the boot from FCoE and replaced it with boot from local disk, we no longer get the PSOD crashes.
We have tried the command "esxcli system settings advanced set -o /BufferCache/MinZeroCopyBufferLength -i 512" for testing purposes, but we still had the same issue.