Toxicity is only an issue at high dosages, like those mentioned by others earlier in this thread. Unfortunately, many subscribe to the more is better philosophy thus enacting the Law of Diminishing Returns, when the bell-shaped curve begins it's decent. It is completely safe if kept at 7.5-10mgs as recommended.
Here is some information addressing such claims, though the University of Missouri no longer supports this on their open website, it can be specifically requested:
Eager to find an answer, several research teams have explored the issue of vanadyl sulfate’s toxicity.
http://extension.missouri.edu/hesnutrnews/fnr95-4.htm In one study, 12 subjects were given 13.5 mg of vanadyl sulfate daily for two weeks and then 22.5 mg daily for five months. The results were discouraging. Over 40% of the subjects developed gastrointestinal disturbances. This points to the fact that vanadyl sulfate is difficult for the body to handle over periods of time. In addition, over 40% of the subjects also developed a green tongue! Not only unsightly, this odd occurrence also showed that vanadium was building up in the body and appears to have the potential to poison humans in more serious ways. These findings are especially disturbing when one considers that some vanadyl sulfate vendors recommend that athletes consume almost six times the amount of vanadyl sulfate used in the studies. To test the fact that vanadium could potentially be accumulating in the body as a result of vanadyl sulfate supplementation, another research group tested vanadyl sulfate’s toxicity at even higher doses. In the study, death rates for the rats exposed to high levels of vanadyl sulfate were as high as 50%. They were cured of diabetes, but such results are certainly not considered positive with such a high mortality rate.
M.