Trimble has released a update for GPS Analyst v2.40 (TGA240Update003) in response to the Esri reported issue SPRT00000726462: Start Editing on GPS Analyst Toolbar Causes ArcMap to Crash.
The TGA240Update003 is available both when you install GPS Analyst first time (it is automatically offered as a separate download) and when you already have it installed and use the option “Check for New Updates Now”.