JFFS2 mount / linux init problem

Hello,
       As discussed here:
http://www.handhelds.org/pipermail/intimate/6/0646.html

I am facing identical problem.
The system boots up, kernel starts and it halts at Freeing init
memory. Occasionally I get the magic bit not found warning.

The system is a ARM9E board. The kernel reaches upto
executing /sbin/init when I observed connecting a peedi/jtag to the board.

However, I never get any output on the default console. Giving
different console options gives unable to open initial console error.

Find attached the log.

Where am I going wrong ?

Akshay