EDIT: Since git-v2.5.0 (Aug/2015), git-for-windows (formerly MSysGit)
provides 64-bits versions as noticed by Pan.student.
In this answer I was advising to install Cygwin 64-bits (providing 64-bits Git version).
I got a similar Out of memory, malloc failed
issue using MSysGit when reaching the 4GB barrier:
> git --version
git version 1.8.3.msysgit.0
> file path/Git/cmd/git
path/Git/cmd/git: PE32 executable for MS Windows (console) Intel 80386 32-bit
> time git clone --bare -v ssh://linuxhost/path/repo.git
Cloning into bare repository 'repo.git'...
remote: Counting objects: 1664490, done.
remote: Compressing objects: 100% (384843/384843), done.
remote: Total 1664490 (delta 1029586), reused 1664490 (delta 1029586)
Receiving objects: 100% (1664490/1664490), 550.96 MiB | 1.55 MiB/s, done.
Resolving deltas: 100% (1029586/1029586), done.
fatal: Out of memory, malloc failed (tried to allocate 4691583 bytes)
fatal: remote did not send all necessary objects
real 13m8.901s
user 0m0.000s
sys 0m0.015s

Finally git 64 bits from Cygwin fix it:
> git --version
git version 1.7.9
> file /usr/bin/git
/usr/bin/git: PE32+ executable (console) x86-64 (stripped to external PDB), for MS Windows
> time git clone --bare -v ssh://linuxhost/path/repo.git
Cloning into bare repository 'repo.git'...
remote: Counting objects: 1664490, done.
remote: Compressing objects: 100% (384843/384843), done.
remote: Total 1664490 (delta 1029586), reused 1664490 (delta 1029586)
Receiving objects: 100% (1664490/1664490), 550.96 MiB | 9.19 MiB/s, done.
Resolving deltas: 100% (1029586/1029586), done.
real 13m9.451s
user 3m2.488s
sys 3m53.234s

FYI on linuxhost
64 bits:
repo.git> git config -l
user.email=name@company.com
core.repositoryformatversion=0
core.filemode=true
core.bare=true
repo.git> git --version
git version 1.8.3.4
repo.git> uname -a
Linux linuxhost 2.6.32-279.19.1.el6.x86_64 #1 SMP Sat Nov 24 14:35:28 EST 2012 x86_64 x86_64 x86_64 GNU/Linux
If my answer does not fix your issue, you may also check these pages: