I can confirm the error when font cache is empty.
After creation of font cache by executing
"context test.tex", "contextjit test.tex" ran ok:

This is LuajitTeX, Version beta-0.79.1 (TeX Live 2014/W32TeX) (rev 5024)
\write18 enabled.
open source     > 1 > 1 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-yes.mkiv

ConTeXt  ver: 2014.06.27 10:53 MKIV beta  fmt: 2014.6.30  int: english/english

system          > 'cont-new.mkiv' loaded
open source     > 2 > 2 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-new.mkiv
close source    > 2 > 2 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-new.mkiv
system          > files > jobname 'test', input './test', result 'test'
fonts           > latin modern fonts are not preloaded
languages       > language 'en' is active
open source     > 2 > 3 > c:/usr/work/edrive/send/test.tex
fonts           > preloading modern-designsize (math)
fonts           > typescripts > unknown library 'modern-designsize' or 'modern'
fonts           > 'fallback modern-designsize mm 12pt' is loaded
fonts           > preloading modern-designsize (mono)
fonts           > 'fallback modern-designsize tt 12pt' is loaded
backend         > xmp > using file 
'c:/usr/local/share/texmf-dist/tex/context/base/lpdf-pdx.xml'
pages           > flushing realpage 1, userpage 1
close source    > 2 > 3 > c:/usr/work/edrive/send/test.tex
close source    > 1 > 3 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-yes.mkiv

mkiv lua stats  > used config file: 
c:/usr/local/share/texmf-dist/web2c/texmfcnf.lua
mkiv lua stats  > used cache path: 
c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945
mkiv lua stats > resource resolver: loadtime 0.172 seconds, 2 scans with scantime 0.079 seconds, 0 shared scans, 9 found files, scanned paths: C:/Users/kakuto/texmf c:/windows/fonts
mkiv lua stats  > stored bytecode data: 351 modules (0.310 sec), 69 tables 
(0.003 sec), 420 chunks (0.313 sec)
mkiv lua stats  > running in nuts mode: yes
mkiv lua stats  > cleaned up reserved nodes: 44 nodes, 443 lists of 442
mkiv lua stats  > node memory usage: 2 glue, 2 penalty, 9 attribute, 28 
glue_spec, 3 attribute_list, 2 temp
mkiv lua stats  > node list callback tasks: 6 unique task lists, 5 instances 
(re)created, 39 calls
mkiv lua stats  > used backend: pdf (backend for directly generating pdf output)
mkiv lua stats  > loaded patterns: en::2, load time: 0.000
mkiv lua stats  > jobdata time: 0.003 seconds saving, 0.000 seconds loading
mkiv lua stats  > callbacks: 148 direct, 189 indirect, 337 total
mkiv lua stats  > result saved in file: test.pdf, compresslevel 3, 
objectcompresslevel 3
mkiv lua stats  > loaded fonts: 4 files: junicode-bold.ttf, 
junicode-bolditalic.ttf, junicode-italic.ttf, junicode.ttf
mkiv lua stats  > fonts load time: 0.270 seconds for 6 fonts, 2 shared in 
backend, 0 common vectors, 2 common hashes
mkiv lua stats  > used platform: mswin, type: windows, binary subtree: local
mkiv lua stats  > luatex banner: this is luajittex, version beta-0.79.1 (tex 
live 2014/w32tex) (rev 5024)
mkiv lua stats  > control sequences: 38313 of 65536 + 100000
mkiv lua stats > lua properties: engine: luajit, used memory: 38 MB (ctx: 0 MB), hash type: lua51, hash chars: min(64,40), symbol mask: utf ()
mkiv lua stats  > runtime: 0.847 seconds, 1 processed pages, 1 shipped pages, 
1.181 pages/second

This is LuajitTeX, Version beta-0.79.1 (TeX Live 2014/W32TeX) (rev 5024)
\write18 enabled.
open source     > 1 > 1 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-yes.mkiv

ConTeXt  ver: 2014.06.27 10:53 MKIV beta  fmt: 2014.6.30  int: english/english

system          > 'cont-new.mkiv' loaded
open source     > 2 > 2 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-new.mkiv
close source    > 2 > 2 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-new.mkiv
system          > files > jobname 'test', input './test', result 'test'
fonts           > latin modern fonts are not preloaded
languages       > language 'en' is active
open source     > 2 > 3 > c:/usr/work/edrive/send/test.tex
fonts           > preloading modern-designsize (math)
fonts           > typescripts > unknown library 'modern-designsize' or 'modern'
fonts           > 'fallback modern-designsize mm 12pt' is loaded
fonts           > preloading modern-designsize (mono)
fonts           > 'fallback modern-designsize tt 12pt' is loaded
backend         > xmp > using file 
'c:/usr/local/share/texmf-dist/tex/context/base/lpdf-pdx.xml'
pages           > flushing realpage 1, userpage 1
close source    > 2 > 3 > c:/usr/work/edrive/send/test.tex
close source    > 1 > 3 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-yes.mkiv

mkiv lua stats  > used config file: 
c:/usr/local/share/texmf-dist/web2c/texmfcnf.lua
mkiv lua stats  > used cache path: 
c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945
mkiv lua stats > resource resolver: loadtime 0.162 seconds, 2 scans with scantime 0.079 seconds, 0 shared scans, 9 found files, scanned paths: C:/Users/kakuto/texmf c:/windows/fonts
mkiv lua stats  > stored bytecode data: 351 modules (0.301 sec), 69 tables 
(0.002 sec), 420 chunks (0.303 sec)
mkiv lua stats  > running in nuts mode: yes
mkiv lua stats  > cleaned up reserved nodes: 44 nodes, 443 lists of 442
mkiv lua stats  > node memory usage: 2 glue, 2 penalty, 9 attribute, 28 
glue_spec, 3 attribute_list, 2 temp
mkiv lua stats  > node list callback tasks: 6 unique task lists, 5 instances 
(re)created, 39 calls
mkiv lua stats  > used backend: pdf (backend for directly generating pdf output)
mkiv lua stats  > loaded patterns: en::2, load time: 0.000
mkiv lua stats  > jobdata time: 0.004 seconds saving, 0.001 seconds loading
mkiv lua stats  > callbacks: 148 direct, 189 indirect, 337 total
mkiv lua stats  > randomizer: initialized with value 0.66243834988322
mkiv lua stats  > result saved in file: test.pdf, compresslevel 3, 
objectcompresslevel 3
mkiv lua stats  > loaded fonts: 4 files: junicode-bold.ttf, 
junicode-bolditalic.ttf, junicode-italic.ttf, junicode.ttf
mkiv lua stats  > fonts load time: 0.269 seconds for 6 fonts, 2 shared in 
backend, 0 common vectors, 2 common hashes
mkiv lua stats  > used platform: mswin, type: windows, binary subtree: local
mkiv lua stats  > luatex banner: this is luajittex, version beta-0.79.1 (tex 
live 2014/w32tex) (rev 5024)
mkiv lua stats  > control sequences: 38312 of 65536 + 100000
mkiv lua stats > lua properties: engine: luajit, used memory: 38 MB (ctx: 0 MB), hash type: lua51, hash chars: min(64,40), symbol mask: utf ()
mkiv lua stats  > runtime: 0.836 seconds, 1 processed pages, 1 shipped pages, 
1.196 pages/second

This is LuajitTeX, Version beta-0.79.1 (TeX Live 2014/W32TeX) (rev 5024)
\write18 enabled.
open source     > 1 > 1 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-yes.mkiv

ConTeXt  ver: 2014.06.27 10:53 MKIV beta  fmt: 2014.6.30  int: english/english

system          > 'cont-new.mkiv' loaded
open source     > 2 > 2 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-new.mkiv
close source    > 2 > 2 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-new.mkiv
system          > files > jobname 'test', input './test', result 'test'
fonts           > latin modern fonts are not preloaded
languages       > language 'en' is active
open source     > 2 > 3 > c:/usr/work/edrive/send/test.tex
fonts           > preloading modern-designsize (math)
fonts           > typescripts > unknown library 'modern-designsize' or 'modern'
fonts           > 'fallback modern-designsize mm 12pt' is loaded
fonts           > preloading modern-designsize (mono)
fonts           > 'fallback modern-designsize tt 12pt' is loaded
backend         > xmp > using file 
'c:/usr/local/share/texmf-dist/tex/context/base/lpdf-pdx.xml'
pages           > flushing realpage 1, userpage 1
close source    > 2 > 3 > c:/usr/work/edrive/send/test.tex
close source    > 1 > 3 > 
c:/usr/local/share/texmf-dist/tex/context/base/cont-yes.mkiv

mkiv lua stats  > used config file: 
c:/usr/local/share/texmf-dist/web2c/texmfcnf.lua
mkiv lua stats  > used cache path: 
c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945
mkiv lua stats > resource resolver: loadtime 0.161 seconds, 2 scans with scantime 0.079 seconds, 0 shared scans, 9 found files, scanned paths: C:/Users/kakuto/texmf c:/windows/fonts
mkiv lua stats  > stored bytecode data: 351 modules (0.301 sec), 69 tables 
(0.002 sec), 420 chunks (0.303 sec)
mkiv lua stats  > running in nuts mode: yes
mkiv lua stats  > cleaned up reserved nodes: 44 nodes, 443 lists of 442
mkiv lua stats  > node memory usage: 2 glue, 2 penalty, 9 attribute, 28 
glue_spec, 3 attribute_list, 2 temp
mkiv lua stats  > node list callback tasks: 6 unique task lists, 5 instances 
(re)created, 39 calls
mkiv lua stats  > used backend: pdf (backend for directly generating pdf output)
mkiv lua stats  > loaded patterns: en::2, load time: 0.000
mkiv lua stats  > jobdata time: 0.002 seconds saving, 0.001 seconds loading
mkiv lua stats  > callbacks: 148 direct, 189 indirect, 337 total
mkiv lua stats  > randomizer: resumed with value 0.66243834988322
mkiv lua stats  > result saved in file: test.pdf, compresslevel 3, 
objectcompresslevel 3
mkiv lua stats  > loaded fonts: 4 files: junicode-bold.ttf, 
junicode-bolditalic.ttf, junicode-italic.ttf, junicode.ttf
mkiv lua stats  > fonts load time: 0.267 seconds for 6 fonts, 2 shared in 
backend, 0 common vectors, 2 common hashes
mkiv lua stats  > used platform: mswin, type: windows, binary subtree: local
mkiv lua stats  > luatex banner: this is luajittex, version beta-0.79.1 (tex 
live 2014/w32tex) (rev 5024)
mkiv lua stats  > control sequences: 38313 of 65536 + 100000
mkiv lua stats > lua properties: engine: luajit, used memory: 38 MB (ctx: 0 MB), hash type: lua51, hash chars: min(64,40), symbol mask: utf ()
mkiv lua stats  > runtime: 0.834 seconds, 1 processed pages, 1 shipped pages, 
1.199 pages/second

mtx-context | run 1: luajittex --fmt="c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945/formats/luajittex/cont-en" --jobname="test" --lua="c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945/formats/luajittex/cont-en.lui" --no-parse-first-line --c:currentrun=1 --c:engine="luajittex" --c:fulljobname="./test.tex" --c:input="./test.tex" --c:kindofrun=1 --c:maxnofruns=8 "cont-yes.mkiv" mtx-context | run 2: luajittex --fmt="c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945/formats/luajittex/cont-en" --jobname="test" --lua="c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945/formats/luajittex/cont-en.lui" --no-parse-first-line --c:currentrun=2 --c:engine="luajittex" --c:fulljobname="./test.tex" --c:input="./test.tex" --c:kindofrun=2 --c:maxnofruns=8 "cont-yes.mkiv" mtx-context | run 3: luajittex --fmt="c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945/formats/luajittex/cont-en" --jobname="test" --lua="c:/usr/local/share/ctxdir/luatex-cache/context/ca675e2af2f11806418c5ce1dbbdb945/formats/luajittex/cont-en.lui" --no-parse-first-line --c:currentrun=3 --c:engine="luajittex" --c:fulljobname="./test.tex" --c:input="./test.tex" --c:kindofrun=2 --c:maxnofruns=8 "cont-yes.mkiv"
system          | total runtime: 3.499 seconds


Best,
Akira

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