Two things:
(1) It appears that you have the modbus plug-in enabled, and configured to talk to a TCP device at IP address 127.0.0.1 (i.e. this is the TCP "loop-back" address which means the same PC). Is this intentional? Do you have a modbus program running on your PC? I ask because the debug log that you sent is flooded with messages that originate in the modbus plug-in that, in my experience, happen when the modbus plug-in cannot connect to the TCP device.
I don't *think* this is the cause of the problem you are seeing. This should only be an issue because our plug-in is spending a not-insignificant amount of time dealing with these messages and that *may* be affecting other behavior in our plug-in. In fact, ALL of the plug-ins are seeing these messages. If you are not intentionally trying to use a modbus device, please go to the "Configure" menu, select "Plug-ins" and then the "Modbus" plug-in. In the Modbus dialog, click on the 2nd icon from the left (if you hover over it, it should say "Remove a MODBUS Connection" to remove the unused connection. Then click on "OK".
(2) In the log file (thanks), I can see the probing motion starting, the probe touching, the probing motion stopping, and the end of "GCode Running" (the probing command, I presume). All good, so far. I then see another GCode motion start (I presume this is the MDI command "G 90 F 10" that is shown in the Mach4 log that you sent), and then I see someone else telling Mach to stop. This does not originate from our plug-in, and unfortunately there is no way to tell WHERE that came from.
SOOoooooo... where to go from here? The easiest things to try, and to give me time to think of something else to try, are these:
(a) Leave the P2S pendant disconnected. Go into Configure->Mach, click on the "Plug-ins" tab and disable the P2S pendant plug-in. Exit Mach4 then re-start it. See if the probing behaves any differently.
(b) If you still have the probing issue in (a) above, and if you are comfortable using Windows Explorer (or "My Computer") to move files around - Exit Mach4. Move the P2S pendant plug-in files from the "Mach4HobbyPlugins" directory into some other directory. I usually create a directory inside the "Plugins" directory called something like "temp" and move them there. These should be "P2Spendant.m4pw" and "P2Spendant.sig". Now start Mach4 and run the probing again and see if there are any differences.
After these experiments, restore the P2S plug-in files into the "Plugins" directory and re-enable the P2S plug-in in Mach4, to get things back to your original configuration.
Bob