diff --git a/activerecord/CHANGELOG b/activerecord/CHANGELOG
index 99949ff510..f5813a8d03 100644
--- a/activerecord/CHANGELOG
+++ b/activerecord/CHANGELOG
@@ -1,5 +1,7 @@
 *SVN*
 
+* Fixed a bug which would cause .save to fail after trying to access a empty has_one association on a unsaved record. [Tobias Luetke] 
+
 * Nested classes are given table names prefixed by the singular form of the parent's table name. [Jeremy Kemper]
     Example: Invoice::Lineitem is given table name invoice_lineitems
 
diff --git a/activerecord/lib/active_record/associations/association_proxy.rb b/activerecord/lib/active_record/associations/association_proxy.rb
index a94daccd34..c093e40ca0 100644
--- a/activerecord/lib/active_record/associations/association_proxy.rb
+++ b/activerecord/lib/active_record/associations/association_proxy.rb
@@ -119,21 +119,20 @@ def merge_options_from_reflection!(options)
         
       private
         def method_missing(method, *args, &block)
-          load_target
-          @target.send(method, *args, &block)
+          if load_target        
+            @target.send(method, *args, &block)
+          end
         end
 
         def load_target
-          if !@owner.new_record? || foreign_key_present
-            begin
-              @target = find_target unless loaded?
-            rescue ActiveRecord::RecordNotFound
-              reset
-            end
+          if !loaded? and (!@owner.new_record? || foreign_key_present)
+            @target = find_target
           end
 
-          loaded
-          target
+          @loaded = true
+          @target
+        rescue ActiveRecord::RecordNotFound
+          reset
         end
 
         # Can be overwritten by associations that might have the foreign key available for an association without
diff --git a/activerecord/test/associations_test.rb b/activerecord/test/associations_test.rb
index f99322d976..cb704ffd2e 100755
--- a/activerecord/test/associations_test.rb
+++ b/activerecord/test/associations_test.rb
@@ -313,6 +313,16 @@ def test_not_resaved_when_unchanged
     firm.account = Account.find(:first).clone
     assert_queries(2) { firm.save! }
   end
+  
+  def test_save_still_works_after_accessing_nil_has_one
+    jp = Company.new :name => 'Jaded Pixel'
+    jp.dummy_account.nil?
+    
+    assert_nothing_raised do
+      jp.save!
+    end    
+  end
+  
 end