I had exactly the same problem, Sourcetree 1.6 took until 3gb of memory loading file's list. I could solve this issue installing the 1.5 version. Here, you can download it:
http://downloads.atlassian.com/software/sourcetree/windows/SourceTreeSetup_1.5.2.exe
Same thing happens on my Windows 8.1 and i haven't found a solution yet :(
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