Not Working, error configuring

Is this a fresh install of the module or an update to a previous version?
Is the configuration from still accessible, or does this break the admin UI?

I'm able to replicate this error in the production version. 1st time module install, uploaded library to /sites/all/libraries, enabled module and added image column to content type. Select the carouFredSel slider format from display for the column with default settings and getting the same errors.

As these are only notices, the admin UI should still be useable. Can you save the field-formatter subform of the caroufredsel field, are those errors getting away?
Could you please clear all drupal caches an try again? There were some undefined defaults which are fixed in the current 1.4 release, but I think there is a drupal clear cache required for them to show up.

Getting the same error, Cron, update, cache cleared

I'm sorry, but i still have no idea why this doesn't work for you. Double-checked the code, everything to prevent this (defaults for the missing settings) are in there. I think I have no solution for this case.

I am also getting the similar error.

When I try to configure the image field, the first option appearing is circular with a , in front of it.

What does @image_method indicate?

That's because picture module is not installed.
The form setting "image method" is only displayed when picture module is enabled, but the formatter summary call the "image method" setting anyway.
A quick workaround is to install picture module.

You can also replace the function caroufredsel_slider_field_formatter_settings_summary like this:

/**
 * Implements hook_field_formatter_settings_summary().
 */
function caroufredsel_slider_field_formatter_settings_summary($field, $instance, $view_mode) {
  $settings = $instance['display'][$view_mode]['settings'];
  $image_methods = caroufredsel_slider_image_method_options(TRUE);
  $picture_support = array_key_exists('picture', $image_methods);
  if ($picture_support) $summary = t('@image_method: @image_method_display, ', array(
  	'@image_method' => $image_methods[$settings['formatter']['image_method']],
    '@image_method_display' => $settings['formatter'][$settings['formatter']['image_method']]
  ));

  // Render summary for the formatter, including image style and basic settings.
  $summary .= t('Circular: @circular, Infinite: @infinite, Responsive: @responsive, Direction: @direction', array(
    '@circular' => $settings['config']['circular'],
    '@infinite' => $settings['config']['infinite'],
    '@responsive' => $settings['config']['responsive'],
    '@direction' => $settings['config']['direction'],
  ));

  return $summary;
}

Hi,

Inspite of changing Implements hook_field_formatter_settings_summary() as mentioned above, the error doesnt go away. This is after picture module has also been enabled, even though I dont require it. Any other way we can troubleshoot this?

Thanks!
Jaya