Same issue here, but this time with my wireless 3G module Ericsson F5521gw on Lenovo Thinkpad X220 (4290RW1):

Syslog:
Feb 22 13:56:07 thinkpad kernel: [12846.261594] ------------[ cut here ]------------
Feb 22 13:56:07 thinkpad kernel: [12846.261615] WARNING: at /build/buildd/linux-3.0.0/net/sched/sch_generic.c:255 dev_watchdog+0x25a/0x270()
Feb 22 13:56:07 thinkpad kernel: [12846.261620] Hardware name: 4290RW1
Feb 22 13:56:07 thinkpad kernel: [12846.261625] NETDEV WATCHDOG: usb0 (cdc_ncm): transmit queue 0 timed out
Feb 22 13:56:07 thinkpad kernel: [12846.261629] Modules linked in: usb_storage uas hidp hid bnep rfcomm pci_stub vboxpci vboxnetadp vboxnetflt vboxdrv parport_pc ppdev binfmt_misc btusb bluetooth dm_crypt snd_hda_codec_hdmi snd_hda_codec_conexant uvcvideo videodev v4l2_compat_ioctl32 cdc_ncm cdc_wdm usbnet cdc_acm thinkpad_acpi snd_seq_midi snd_rawmidi snd_hda_intel snd_hda_codec snd_hwdep snd_pcm snd_seq_midi_event snd_seq psmouse serio_raw snd_timer snd_seq_device snd nvram soundcore snd_page_alloc sdhci_pci sdhci mei(C) lp parport i915 drm_kms_helper drm wmi i2c_algo_bit video ahci libahci xhci_hcd
Feb 22 13:56:07 thinkpad kernel: [12846.261716] Pid: 0, comm: kworker/0:1 Tainted: G         C  3.0.0-16-generic #28-Ubuntu
Feb 22 13:56:07 thinkpad kernel: [12846.261718] Call Trace:
Feb 22 13:56:07 thinkpad kernel: [12846.261719]  <IRQ>  [<ffffffff8105e8cf>] warn_slowpath_common+0x7f/0xc0
Feb 22 13:56:07 thinkpad kernel: [12846.261725]  [<ffffffff8105e9c6>] warn_slowpath_fmt+0x46/0x50
Feb 22 13:56:07 thinkpad kernel: [12846.261727]  [<ffffffff8106fbb3>] ? mod_timer+0x143/0x2f0
Feb 22 13:56:07 thinkpad kernel: [12846.261730]  [<ffffffff814fee4a>] dev_watchdog+0x25a/0x270
Feb 22 13:56:07 thinkpad kernel: [12846.261732]  [<ffffffff81128ff0>] ? bdi_arm_supers_timer+0x50/0x50
Feb 22 13:56:07 thinkpad kernel: [12846.261734]  [<ffffffff814febf0>] ? qdisc_reset+0x50/0x50
Feb 22 13:56:07 thinkpad kernel: [12846.261736]  [<ffffffff814febf0>] ? qdisc_reset+0x50/0x50
Feb 22 13:56:07 thinkpad kernel: [12846.261739]  [<ffffffff8106d706>] call_timer_fn+0x46/0x160
Feb 22 13:56:07 thinkpad kernel: [12846.261743]  [<ffffffff812ef9dd>] ? rb_insert_color+0xad/0x150
Feb 22 13:56:07 thinkpad kernel: [12846.261745]  [<ffffffff814febf0>] ? qdisc_reset+0x50/0x50
Feb 22 13:56:07 thinkpad kernel: [12846.261746]  [<ffffffff8106f032>] run_timer_softirq+0x132/0x2a0
Feb 22 13:56:07 thinkpad kernel: [12846.261749]  [<ffffffff810270cd>] ? lapic_next_event+0x1d/0x30
Feb 22 13:56:07 thinkpad kernel: [12846.261751]  [<ffffffff810660c8>] __do_softirq+0xa8/0x210
Feb 22 13:56:07 thinkpad kernel: [12846.261753]  [<ffffffff810939ff>] ? tick_program_event+0x1f/0x30
Feb 22 13:56:07 thinkpad kernel: [12846.261756]  [<ffffffff815fbcdc>] call_softirq+0x1c/0x30
Feb 22 13:56:07 thinkpad kernel: [12846.261759]  [<ffffffff8100c2d5>] do_softirq+0x65/0xa0
Feb 22 13:56:07 thinkpad kernel: [12846.261760]  [<ffffffff810664ae>] irq_exit+0x8e/0xb0
Feb 22 13:56:07 thinkpad kernel: [12846.261762]  [<ffffffff815fc61e>] smp_apic_timer_interrupt+0x6e/0x99
Feb 22 13:56:07 thinkpad kernel: [12846.261764]  [<ffffffff815fb493>] apic_timer_interrupt+0x13/0x20
Feb 22 13:56:07 thinkpad kernel: [12846.261765]  <EOI>  [<ffffffff81032a79>] ? default_spin_lock_flags+0x9/0x10
Feb 22 13:56:07 thinkpad kernel: [12846.261769]  [<ffffffff8134aceb>] ? intel_idle+0xcb/0x120
Feb 22 13:56:07 thinkpad kernel: [12846.261771]  [<ffffffff8134accd>] ? intel_idle+0xad/0x120
Feb 22 13:56:07 thinkpad kernel: [12846.261774]  [<ffffffff814b31cd>] cpuidle_idle_call+0x9d/0x280
Feb 22 13:56:07 thinkpad kernel: [12846.261777]  [<ffffffff8100920b>] cpu_idle+0xab/0x100
Feb 22 13:56:07 thinkpad kernel: [12846.261780]  [<ffffffff815d4c00>] start_secondary+0xd9/0xdb
Feb 22 13:56:07 thinkpad kernel: [12846.261781] ---[ end trace 034dd388a49b2ea6 ]---