You are running a newer master and an older slave. That is not a supported configuration.
http://dev.mysql.com/doc/refman/5.5/en/replication-compatibility.html
I suspect this error is not actually about latin1_swedish_ci, but is actually about utf8mb4_general_ci, which may have been active on the connection on the master where the query that's failing to replicate was initially issued, so the slave is trying to execute it in that context.
I don't think this capability (utf8mb4) exists in MySQL 5.1, as evidenced by the query below, making this yet another reason why you never run a version on a slave that is lower than the version on the master, and when doing upgrades, you always want to upgrade the slave first.
SELECT * FROM information_schema.collations WHERE id = 45
returns a value when I run it on MySQL 5.5 and 5.6 but not on 5.1.
Upgrading the slave is the most correct solution, but in a pinch, you can connect directly to the slave, issue the exact same query yourself, and if it works, you could then direct the slave to skip over that event in the relay log, since you've already executed that query yourself. After executing the failing query:
SET GLOBAL SQL_SLAVE_SKIP_COUNTER = 1;
START SLAVE SQL_THREAD;
This is a delicate operation, applicable only when You Know Exactly What You're Doing™ and it's likely you're going to see subsequent errors due to this same issue, so not likely to be of much benefit unless this is an isolated incident.
On the bright side, even though it's not ideal to upgrade the slave while it's stalled on a replication error, the odds of it actually succeeding and you being able to continue replication from the point where it is stopped are pretty good.