Tying up few loose ends in the UI.
The above screenshot is the first option for navigating between the errors in the log pane -- see two red arrows next to the "x" in the pane header. The second option is this -
This time the next/previous arrows are in the error entry itself.
I like the second option better, because it's contextual and I think it's more obvious. However, first option is superior in functionality because it allows jumping to next or previous error
when there's currently no error visible in the pane