Hmmm, it 'could' be the mount you are summoning then. Does it have rather large textures, or is it a 'custom' mount? If your computer is busy when its summoned, and thus loaded into memory, it might cause a crash. But once loaded, it would load again without problems. At least that is what I am thinking without seeing any of your scripts. Bad scripting can cause problems too.
I spoke too soon. I did improve my script and reduced the crashes severely. But there was still a 100% crash probability for the following: You've booted the computer, loaded Oblivion for the first time since boot, and then cast the spell. Crash. But if you loaded up Oblivion again, you can cast it no problem. So you're right, it's got to do with it (and maybe Oblivion itself) not being in memory yet. Specifically, it's a polymorph bear spell. Everything appears to function beautifully, except for this crash issue.
I came up with a clunky solution. I used the OBSE GetGameRestarted function in the polymorph spell. If the function returns true, then instead of the typical casting, I make it load an invisible version of the bear 5000 clicks away from the player. That way the bear will load and not immediately be activated causing a crash. I've rebooted the computer and started Oblivion then cast it three times in a row. It works. But I hate that solution. It means that every first-cast of the polymorph spell will result in failure (on purpose). And it might not even be 100% because that first cast causes the game to pause for just a split second like it's trying to crash again.