How did you build the kernel?
Here's the output when I try to boot your kernel:
Linux version 2.4.26 (
mduckworth@mduckworth.phillypark.net) (gcc version 3.4.3)
#1 Thu Apr 27 01:12:09 EDT 2006
starting up linux rev 0.2: startmem 0xc0248000, size 61MB
initrd: c0348000 - c04acbf7
Flex CS0: ff800000 007f0001 00101980
Flex CS1: e0000000 07ff0001 00101980
Flex CS4: 40000000 0fff0001 00106580
Flex CS5: 50000000 0fff0001 00102980
On node 0 totalpages: 8192
zone(0): 1024 pages.
zone(1): 7168 pages.
zone(2): 0 pages.
Kernel command line: root=/dev/hda2 rootfstype=ext2
Note that you specify the root as /dev/hda2, rootfstype of ext2 which is not what is expected since the rootfs is a romfs. Did you specify "root=/dev/hda2 rootfstype=ext2" in the kernel configuration? There's no IDE harddisk in the system, so this will fail.
The commandline should be "root=/dev/ram rootfstype=ramfs" which is setup for you automagically if you build the kernel/userland via:
$ cd LinuxBSP-22012005
$ make fresh
$ make config-m5484gfe-lite-romfs
$ make dep
$ make
And images/image-m5484gfe-lite.elf is the image(including a romfs root filesystem) that you want to load/boot.
Even if I pass in the proper commandline when booting the kernel:
losh> load elf /tftp/192.168.2.51:image-m5484gfe-lite.elf
losh> exec "root=/dev/ram rootfstype=romfs"
This fails with:
VFS: Mounted root (romfs filesystem) readonly.
Mounted devfs on /dev
Kernel panic: No init found. Try passing init= option to kernel.
Whihc indicates that the root filesystem you've built is missing some things(its only 1280KB in size(uncompressed)).
Hopefully this explians why it has failed to boot.