You might try going to Settings>Applications>Manage applications. Once there hit Menu and select Filter. From Filter select All. Then scroll down to Swype and under Storage select Clear Data. No root required.
Fr33dom, that didn't fix it for me. The issue is (or at least the way that I just tested it) that if you type on the hardware keyboard and then press home while the auto-correct line is visible, the auto-correct line will remain visible until you close the keyboard. It's pretty annoying and will hopefully be fixed with the update. The current way to prevent it is to hit the back key to clear the auto-correct line before pressing home.
Mine happens annoyingly when doing certain things, usually other than texting. Sometimes it'll appear on my homescreen if the screen orientation changes while backing out of a message. Also happens when I post a status update to FB via the launcher pro widget, and any other place that I type in text. Usually happens more in landscape mode than portrait.