Look at http://drupalcontrib.org/api/drupal/contributions!token!token.module/function/token_element_validate/7. Implement hook_form_alter() of form you are trying to submit and look for #element_validate array key, in field you get an error should be
'#element_validate' => array('token_element_validate'),
Then you should check #token_types key value. It can have any value, as examples:
'#token_types' => array('node'),
'#token_types' => array('all'),
In my case I got similar error in metatag_context module when I was trying to save taxonomy token into metatags context field. Problem was in '#token_types', they was empty, I added array('all') value and form works fine.