Finally, I found a walk around to launch on Windows7(64bit) + arduino 1.8.5 IDE. Here is the steps and link.
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download ESP8266 Exception Decoder and install according to website guild.
GitHub - me-no-dev/EspExceptionDecoder: Exception Stack Trace Decoder for ESP8266 and ESP32 -
download ESP8266 SDK that includes "xtensa-lx106-elf-gdb.exe" file
Service End for Bintray, JCenter, GoCenter, and ChartCenter | JFrog -
unzip esp-alt-sdk-v1.5.0.258-windows-x86.zip file and copy "xtensa-lx106-elf-gdb.exe" to following location
C:\Users{user_id}\AppData\Local\Arduino15\packages\esp8266\tools\xtensa-lx106-elf-gcc\1.20.0-26-gb404fb9-2\bin -
google and download libwinpthread-1.dll (64bit) to C:\Windows\SysWOW64
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google and download libexpat-1.dll (64bit) to C:\Windows\SysWOW64
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restart arduino IDE:
MENU bar: tool >> Esp Exception Decoder
decoder will show up perfectly !
chao ~
-tm