@jkamentz
Go to settings->accounts & sync and then select your Google account. It will then list each service (gmail, calendar, etc) that is being synched. Unchecked them one at a time, waiting for several seconds to see if the sync icon in the status bar goes away. The one that does it will be the culprit (it will probably also have a syncing icon next to it too).
Next go to settings->applications->manage applications. Press menu and set filter for all. Find the problem application (or applications, there is both a calendar and calendar storage apparently). Go in and delete both the cache and data (not just cache). This should fix the problem.
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