A memory leak was discovered in the parsing code of aws/s3. The culprit was a bit of code that used the generator library which is implemented with continuations. This (unnecessarily) fancy code was replaced with a simple, straight forward case statement. This not only got rid of the memory leak, but (since continuations are quite slow) sped up the unit tests from 8 seconds to 0.3 seconds.
The 0.1.2 point release fixes this memory leak. You should be able to just 'sudo gem update aws-s3' to get the fix.
Big thanks to Remco van't Veer (http://blog.remvee.net/) for reporting the bug and providing a lot of useful information as well as a script which demonstrated the problem.
marcel