Seems like a weird error since converting to a table, not an array. Check the field names in the excel file and make sure that are single words same with the excel file name.
I just used the same tool the other day and it tossed a different error but created the table none the less.
If you can't get ArcGIS to convert it, use excel to convert it to a csv, and bring the csv into ArcGIS and save it as a table.
That should just about do it....