Replying to my own post... I also tried clearing the data for My Gallery app, and now My Library will open. However, as others have mentioned, changing to Albums view causes the error and force close. After that, data must be cleared again to open My Library. Kinda sucks cause I prefer the Albums view. Looking forward to that rumored patch in the works.
As a side note, I turned off "Display friends' activities" in My Gallery settings cause I don't need to see that every time I open My Gallery... but when I open My Library, it very briefly and inexplicably shows a recent social media post (ie. an image from a facebook friend's wall post) before it successfully loads My Library. Awesome programming. Maybe this should be patched too? Maybe its part of the problem even?