Formula macro invokes infinite loop

I installed a fresh XWiki setup. I go to the Sandbox, edit the page and insert a formula macro. When I now try to preview or save the file, XWiki invokes the dvips.exe, but runs it in an infinite loop. I have to kill the dvips process in the Windows task manager, otherwise the whole Wiki is frozen. Afterwards, XWiki displays the page correctly, including the formula (a perfectly rendered fraction).
I'm using the latest MiKTeX 2.9 and its binaries are in the PATH. I use MiKTeX daily for my documents, so I can say that dvips works fine from within LaTeX - it must be a bug in XWiki 3.2.

(On another system I run XWiki 2.4 and there the formula macro works without problems with MiKTeX 2.9.)