I had the same problem as Jaydip, except I did not try to reinstall Ubuntu One. I happened to notice that in the date and clock settings, the time that was automatically pulling from the Internet was off by 4 hours. I manually changed the time to the actual time for my timezone, and then I was able to log in. I'm using Natty.
For reference, this was a fresh install of Natty, and I was syncing down the files from a previous installation.
I had the same problem as Jaydip, except I did not try to reinstall Ubuntu One. I happened to notice that in the date and clock settings, the time that was automatically pulling from the Internet was off by 4 hours. I manually changed the time to the actual time for my timezone, and then I was able to log in. I'm using Natty.
For reference, this was a fresh install of Natty, and I was syncing down the files from a previous installation.