This error usually appears because of a faulty connection with the camera. I had the exact same problem in different camera+Pi configurations.
The following case is what I encountered:
The connector is not correctly inserted either in the camera or in the Pi.
The Sunny connector (the small yellow one on the camera) is not connected well. (now it gets interesting)
If you often remove and reinsert the camera in the Pi please be sure to remove all power from the Pi. The sensor is very sensitive and a spark on the wrong pin could burn it. (I did this already unfortunately) This could also trigger
a problem with the Pi connector pins. It was somewhat confirmed that for Pi2 the connector may have some bad soldering which could lead to cold contact soldering. You can fix this by using some flux on the pins and then pass the soldering iron hot end over
the pins to remake the connection.
I used a longer cable that had both connectors on the same side of the cable. If you connect it like it is you can burn your sensor and the Pi will not start because of the power surge (also the camera gets very hot in this case).
DO NOT REMOVE IT from the Pi without removing power before. To a cable like this you have to remove the blue plastic from one end and bend the connector with the contacts on the other side. Insert this end in the camera since this will not be removed/inserted
as often as the Pi end.