49:2 is a new preset for the update.  If you check the new preset list names posted here:

http://www.eventide.com/~/media/Files/Audio%20Support/TimeFactor/TimeFactor%20Owners/142185_PRESETS_2%204%200BETA%201.ashx

you'll see that 49:2 is called "It's the 5-0."  I believe 5-0 is referring to the police or some siren wielding emergency response entity.  In other words, it's not a glitch, it was very much intentional.