Microsoft recently updated KB 946517 which addresses the memory leak around the SharePoint OWStimer Process to include Windows Server 2008 as well as Windows Server 2003. This memory leak has been a problem with WSSv3 since it’s inception almost two years ago. Unfortunately this problem had plagued Windows Server 2008 since it has IIS6 compatibility as well.
To gain immediate access to the hotfix browse to the KB and click on Hotfix Download Available at the top of the screen. Follow the next few screens in minutes the hotfix will be sent to your email.
I had no issues installing the hotfix but did need to restart my server to complete the install.