Operating system: Windows-10-10.0.18362 64 Bits
Graphics card: GeForce RTX 2080 SUPER/PCIe/SSE2 NVIDIA Corporation 4.5.0 NVIDIA 441.87
Broken: version: 2.81 (sub 16), branch: master, commit date: 2019-12-04 11:32, hash: rBf1aa4d18d49d
Short description of error
The material preview viewport fails to display material on any object when there is a hair particle system present using textured objects or collections as the particles. The error is not present in blender 2.80
I do not believe this is a resource issue as blender can display the particle system when you very first create it and with one of the workarounds bellow without and issue.
Exact steps for others to reproduce the error
Create a new file, add 2 planes call one emitter and one particle, add diffuse shaders to both and add texture to the particle plane. Create a hair particle system on the emitter plane set the number of particles to 4000 or higher. Set the particle under render to be an object and select the Particle Plane. Change viewport to material shading. Save the file and close blender. Re-open file and everything present as all white or all black.
Opening another file without a particle system, previewing material in the viewport and then switching back to the original file without ever closing blender. Alternatively setting the viewport display particles to 0% then back to 100% works sometimes.
Disabling Shader caching in Nvidia control panel did nothing.
A fresh install of blender did not resolve the problem.
The problem persisted from a file created on one machine and opened on another.
Files packed into the .blend and Unpacked made no difference.