Bethesda haven't released a fix for this horrendous game-breaking bug yet, but luckily I've discovered a simple workaround:
Exercise self-control and limit your alchemical effects to what you feel is reasonable. It is annoying knowing that the option is there and made my game nigh-unplayable for hours, but then I discovered that I don't have to abuse alchemy in that manner if I don't want to  
 
 The secondary part of this bug - where others will post on the forums about alchemy abuse - is harder to work around, so for now you'll probably just have to try and ignore them (but I imagine that if you use Firefox, greasemonkey could be used to hide all mention of it - don't know for sure though).