Does it stay gray or do you mean all white? I have had it happen before where it stays gray for a while. It seems to happen during busier times. I believe I ran across this on a friends computer a while ago. If it is not working for more than a few hours here is what we did more or less:
Make sure if you do uninstall it - that Googlenav.dll is NOT installed. You can do this by going to Start/Programs/Accessories/System Information/
On the left where it says "System Information" Pick software environment/drivers/32 Bit.
If you still see googlenav.dll listed - go to Windows/Downloaded Program files and remove the item called "Google Activate".
Restart Windows and IE and try installing it again.
Or you can just delete "Google Activate" from the above directory and try reinstalling it again.
Make sure you have security settings low when attempting to reinstall as Google does some fancy shmancy stuff to get it to install.
Vis: Do you mean if you, for example, check you bank account online - it comes up with the PageRank of the login page?
I just started noticed that yesterday on my password protected stats pages and on affiliate stats pages. I think it stopped for the time being for me, but that is the strangest I have had it act up on me.
To Dan: You may want to write Google - I have no other ideas, unless you want my cure all format the harddrive and start from scratch idea. They claim to have problems with version 5.0 and earlier of IE. Other than that - I am out of suggestions. At least you can tell them you have done everything.
I wasn't familiar with the safe search thing, but that would make sense as they probably did most of the testing with it disabled. Also make sure you have the options for the PageRank enabled - it can be disabled for privacy reasons.
Guess they could have gotten unchecked with all the uninstalling reinstalling. Same with the safe search - if that fixes it you might want to let them know as that would make both of you and that seems like a bug to me. Never hurts to be on Googles good side. Might not help either, but hey...
10. I have the Advanced Features enabled, but the PageRank meter never displays anything. What's wrong?
"If you are behind a proxy web server, it may be interfering with the page information requests that the Google Toolbar makes in order to fetch page information. The Squid Web Caching Proxy has been known to have this problem. If you're experiencing this type of problem, request that your system administrator download and implement the Squid patch on your network to correct this problem. The patch can be downloaded by clicking here."
The help page lets you download other versions and contains and address for support: