Do you have any other process monitor applications operating on that PC?
During the early testing of TeaTimer (Spybot 1.3) it was discovered that multiple process monitor applications could interact and cause the memory usage of TeaTimer to climb, possibly related to the page faulting common to all such applications, since this was also affected in some cases.
There's really nothing wrong with Page Faults in such a case and they're actually quite common with such monitoring applications. The problem comes about when multiple applications attempt to monitor the same events, with potential conflicts as a result and the "memory leaks" a possible side effect. These aren't really a memory leak in the classic sense, they're allocations made by one application that become locked by another, with the same end result.
We were never able to explain a small number of these, though I suspect all were related to another monitoring application, but the user was unaware of the true situation on thier PC. Possibly with your background you'll be able to discover the root cause and identify what's been missed up until now.
Bitman