Okay, I recently got that error, and that is usually after an upgrade.
All you have to do is, take the php code supplied with the package, and open the php widget and add it again and save.
Code:
$fsconfig = array();
$fsconfig['width'] = vB::$vbulletin->options[fs_width];
$fsconfig['height'] = vB::$vbulletin->options[fs_height];
$fsconfig['style'] = vB::$vbulletin->options[fs_style];
$fsconfig['template'] = vB::$vbulletin->options[fs_template];
$fsconfig['rss_url'] = vB::$vbulletin->options[fs_rss_url];
$fsconfig['def_image'] = vB::$vbulletin->options[fs_def_image];
$fsconfig['border_color'] = vB::$vbulletin->options[fs_border_color];
$fsconfig['back_color'] = vB::$vbulletin->options[fs_back_color];
$fsconfig['title_max_char'] = vB::$vbulletin->options[fs_title_max_char];
$fsconfig['des_max_char'] = vB::$vbulletin->options[fs_des_max_char];
$fsconfig['cap_height'] = vB::$vbulletin->options[fs_cap_height];
$fsconfig['path'] = "forumslider/templates/" . $fsconfig['template'];
$fsconfig['border_size'] = vB::$vbulletin->options[fs_border_size];
include_once("forumslider/slider.php");
$output .= generateOutput($fsconfig);
So when that error occurs, just delete everything in the php widget, and re-enter it. Works.