I am having the same problem.. does anyone have a solution.
In case people haven't already worked it out...
If you use passwords that set limited privileges for specific usernames make sure that any value lists that are generated from another table have privileges to access those records in the table. All done in the security section under FIle>Manage>Security...
Is the value list being stored in database 1 or 2?
I find that when the value list is being stored in someplace other than the databe being used for IWP, FM does not like that. (So I'm guessing, try to rebuild the value list in databas2 instead of database1. Have database1 reference the database2 value list.)