Another GitLab "Can't save project. Please try again later" - ruby

Question

I did a fresh install from source of GitLab 7.2 stable (7.2.1) and when I try to create a project I get the message:
Can't save project. Please try again later
Although, I can create users and groups just fine.
I modified the /gitlab/app/services/projects/create_service.rb to print the exception error message and it says:
undefined local variable or method `tagging_contexts' for #<Project:0xb983b318>
Searching through the gems folder, it looks like it is related to gem acts-as-taggable-on-3.4.1
The Gemfile and Gemfile.lock have that reference in place. And I also have it in the directory gitlab/vendor/bundle/ruby/2.1.0/gems.
Does anyone know why am I getting this error and how to fix it?
Information about the system:
Installation on ODROID-XU3 was based on https://gitlab.com/gitlab-org/gitlab-ce/blob/master/doc/install/installation.md and https://gitlab.com/gitlab-org/gitlab-ce/blob/master/doc/install/database_mysql.md, but I had to remove gems pg and therubyracer. Gem jquery-ui-rails I had to force version "~> 4.2.1".
Git-core and Ruby were built from source. Redis-server and Redis-tools were installed from package version 2.8.4-2.
sudo -u git -H bundle exec rake gitlab:env:info RAILS_ENV=production
[deprecated] I18n.enforce_available_locales will default to true in the future. If you really want to skip validation of your locale you can set I18n.enforce_available_locales = false to avoid this message.
System information
System: Ubuntu 14.04
Current User: git
Using RVM: no
Ruby Version: 2.1.2p95
Gem Version: 2.2.2
Bundler Version:1.7.2
Rake Version: 10.3.2
Sidekiq Version:2.17.0
GitLab information
Version: 7.2.1
Revision: ff1633f
Directory: /home/git/gitlab
DB Adapter: mysql2
URL: http://192.168.1.150
HTTP Clone URL: http://192.168.1.150/some-project.git
SSH Clone URL: git#192.168.1.150:some-project.git
Using LDAP: no
Using Omniauth: no
GitLab Shell
Version: 1.9.7
Repositories: /home/git/repositories/
Hooks: /home/git/gitlab-shell/hooks/
Git: /usr/local/bin/git
sudo -u git -H bundle exec rake gitlab:check RAILS_ENV=production
[deprecated] I18n.enforce_available_locales will default to true in the future. If you really want to skip validation of your locale you can set I18n.enforce_available_locales = false to avoid this message.
Checking Environment ...
Git configured for git user? ... yes
Checking Environment ... Finished
Checking GitLab Shell ...
GitLab Shell version >= 1.9.7 ? ... OK (1.9.7)
Repo base directory exists? ... yes
Repo base directory is a symlink? ... no
Repo base owned by git:git? ... yes
Repo base access is drwxrws---? ... yes
Satellites access is drwxr-x---? ... yes
update hook up-to-date? ... yes
update hooks in repos are links: ... can't check, you have no projects
Running /home/git/gitlab-shell/bin/check
Check GitLab API access: OK
Check directories and files:
/home/git/repositories/: OK
/home/git/.ssh/authorized_keys: OK
Test redis-cli executable: redis-cli 2.8.4
Send ping to redis server: PONG
gitlab-shell self-check successful
Checking GitLab Shell ... Finished
Checking Sidekiq ...
Running? ... yes
Number of Sidekiq processes ... 1
Checking Sidekiq ... Finished
Checking LDAP ...
LDAP is disabled in config/gitlab.yml
Checking LDAP ... Finished
Checking GitLab ...
Database config exists? ... yes
Database is SQLite ... no
All migrations up? ... yes
Database contains orphaned UsersGroups? ... no
GitLab config exists? ... yes
GitLab config outdated? ... no
Log directory writable? ... yes
Tmp directory writable? ... yes
Init script exists? ... yes
Init script up-to-date? ... yes
projects have namespace: ... can't check, you have no projects
Projects have satellites? ... can't check, you have no projects
Redis version >= 2.0.0? ... yes
Ruby version >= 2.0.0 ? ... yes (2.1.2)
Your git bin path is "/usr/local/bin/git"
Git version >= 1.7.10 ? ... yes (2.1.0)
Checking GitLab ... Finished