Rancher startup Mysql index key too long error

I’m getting the following error when starting up latest rancher/server (0.47.0) pointing to MySQL Community Edition 5.7.9.1

Caused by: liquibase.exception.MigrationFailedException: Migration failed for change set db/core-060.xml::dump1::darren
(generated):
     Reason: liquibase.exception.DatabaseException: Error executing SQL CREATE INDEX idx_label_key_value ON cattle.label
(`key`, value): Specified key was too long; max key length is 3072 bytes
        at liquibase.changelog.ChangeSet.execute(ChangeSet.java:388) ~[liquibase-core-3.1.0.jar:na]
        at liquibase.changelog.visitor.UpdateVisitor.visit(UpdateVisitor.java:40) ~[liquibase-core-3.1.0.jar:na]
        at liquibase.changelog.ChangeLogIterator.run(ChangeLogIterator.java:64) ~[liquibase-core-3.1.0.jar:na]
        at liquibase.Liquibase.update(Liquibase.java:202) ~[liquibase-core-3.1.0.jar:na]
        at liquibase.Liquibase.update(Liquibase.java:181) ~[liquibase-core-3.1.0.jar:na]
        at liquibase.integration.spring.SpringLiquibase.performUpdate(SpringLiquibase.java:342) ~[liquibase-core-3.1.0.j

My rancher is running on os-vagrant and MySQL 5.7.9.1 is running on Windows

I found the github issue https://github.com/rancher/rancher/issues/2045 related to this and updated my comments there.