Loading Texture2D crashes in fullscreen, hangs in windows mode

Question

I downloaded and installed the latest version of Xamarin Studio and MonoGame. I then created a brand new MonoMac project.

I added a .jpg file to my /Content directory and tried to load it using Content.Load<Texture2D>

public class Game1 : Game
{
    GraphicsDeviceManager graphics;
    SpriteBatch spriteBatch;

    public Game1 ()
    {
        graphics = new GraphicsDeviceManager (this);
        Content.RootDirectory = "Content";              
        graphics.IsFullScreen = false;      
    }

    protected override void Initialize ()
    {
        base.Initialize ();

    }

    protected override void LoadContent ()
    {
        spriteBatch = new SpriteBatch (GraphicsDevice);
        Content.Load<Texture2D> ("woodroom");
    }

    protected override void Update (GameTime gameTime)
    {
        #if !__IOS__
        if (GamePad.GetState (PlayerIndex.One).Buttons.Back == ButtonState.Pressed ||
            Keyboard.GetState ().IsKeyDown (Keys.Escape)) {
            Exit ();
        }
        #endif

        base.Update (gameTime);
    }

    protected override void Draw (GameTime gameTime)
    {
        graphics.GraphicsDevice.Clear (Color.CornflowerBlue);
        base.Draw (gameTime);
    }
}

When I call Content.Load<Texture2D> the app hangs. I have set the woodroom.jpg so that it Copies to Output when newer and I've changed it's Build Action to Content

When the app runs, this is all I get in Windowed is the hung app, not even the rendered CornFlowerBlue:

When I run in fullscreen it generates a detailed message that is to long for me to include in this post.

What is happening that causes the app to hang forever, or crash, when I attempt to load the content?