Camera Rotating Around GameObject Bugs Out

So I have a script that rotates a cube around in the y-axis of a child camera. When the rotation goes to around 330+, the gameobject spins in the other direction. It uses the Mouse Orbit script included in the Standard Assets on Unity.

Quick Video on the Problem

My Script:

 #pragma strict
 
 var speed : float;
 var force : float = 150f;
 var photonView : PhotonView;
 var cameraPos : Transform;
 
 function Start () 
 {
     Cursor.visible = false;
 }
 
 function Update () 
 {
     transform.rotation.y = cameraPos.transform.rotation.y;
 
     if(photonView.isMine == true)
     {
         if(Input.GetKey(KeyCode.W))
         {
             transform.position += transform.forward * speed * Time.deltaTime;
         }
         if(Input.GetKey(KeyCode.S))
         {
             transform.position += -transform.forward * speed * Time.deltaTime;
         }
         if(Input.GetKey(KeyCode.A))
         {
             transform.position += -transform.right * speed * Time.deltaTime;
         }
         if(Input.GetKey(KeyCode.D))
         {
             transform.position += transform.right * speed * Time.deltaTime;
         }
 
         if(Input.GetKeyDown(KeyCode.Space))
         {
             GetComponent.<Rigidbody>().AddForce(transform.up * force);
         }
     }
 
     if(Input.GetKeyDown(KeyCode.Escape) && Cursor.visible == false)
     {
         Cursor.visible = true;
     }
     else if(Input.GetKeyDown(KeyCode.Escape) && Cursor.visible == true)
     {
         Cursor.visible = false;
     }
 }

Mouse Orbit Script:

 var target : Transform;
 var distance = 10.0;
 
 var xSpeed = 250.0;
 var ySpeed = 120.0;
 
 var yMinLimit = -20;
 var yMaxLimit = 80;
 
 private var x = 0.0;
 private var y = 0.0;
 
 @script AddComponentMenu("Camera-Control/Mouse Orbit")
 
 function Start () {
     var angles = transform.eulerAngles;
     x = angles.y;
     y = angles.x;
 
     // Make the rigid body not change rotation
        if (GetComponent.<Rigidbody>())
         GetComponent.<Rigidbody>().freezeRotation = true;
 }
 
 function LateUpdate () {
     if (target) {
         x += Input.GetAxis("Mouse X") * xSpeed * 0.02;
         y -= Input.GetAxis("Mouse Y") * ySpeed * 0.02;
          
          y = ClampAngle(y, yMinLimit, yMaxLimit);
                 
         var rotation = Quaternion.Euler(y, x, 0);
         var position = rotation * Vector3(0.0, 0.0, -distance) + target.position;
         
         transform.rotation = rotation;
         transform.position = position;
     }
 }
 
 static function ClampAngle (angle : float, min : float, max : float) {
     if (angle < -360)
         angle += 360;
     if (angle > 360)
         angle -= 360;
     return Mathf.Clamp (angle, min, max);
 }