SFDX in VS Code no longer working as expected

Question

I am facing the issue while Authorize the org in Visual Studio Code editor for Salesforce project. Error details are below -

Starting *AURA* language server at c:\Users\james
Loading support library: browser
Loading support library: browser
Loading support library: ecmascript
... language server started in 2712.63 ms
Loading support library: ecmascript
[Info  - 3:27:05 PM] ... language server started in 2712.63 ms
Error queuing up indexing of static resources. Error details:
Error queuing up indexing of static resources. Error details: TypeError: Cannot read property '0' of undefined
    at Object.indexStaticResources (c:\Users\james\.vscode\extensions\salesforce.salesforcedx-vscode-lightning-47.9.0\node_modules\lwc-language-server\lib\metadata-utils\static-resources-util.js:55:85)
    at async Promise.all (index 2)
    at async Promise.all (index 0)
    at async Timeout._onTimeout (c:\Users\james\.vscode\extensions\salesforce.salesforcedx-vscode-lightning-47.9.0\node_modules\aura-language-server\lib\server.js:39:9)

Visual Studio Code version is 1.40.2. SFDX version - sfdx-cli/7.36.0-b1c4e9c7c8 win32-x64 node-v10.15.3 Salesforce Extension version - 47.9.0 - December 6, 2019

Answer 1

It is a known issue, reported in Github and the Lead Software Engineer for the "Salesforce Extension Pack" which allows for the SFDX functionality said that there will be a fix coming out "tomorrow".

As a workaround now, downgrade both your Salesforce CLI Integration & Salesforce Extension Pack to version 47.6.0.