Make sure the ground on your adapter is connected to the router board's ground plane. Do not connect the 3.3 volt or 5 volt power wire. Try all the bauds from 9600 on up. The baud rate has to be known beforehand, it does not autoconfigure. The bit pattern is almost always 8 N 1 but again that does not autoconfigure.
Did you manage to fix the putty connection? I get the same unreadable messages in putty with two routers, an Edimax and a Netgear. And only connecting Tx to Tx and Rx to Rx. When using crossed connection, Rx to Tx and Tx to Rx the putty window remain black. I use a FTDI232 usb to ttl interface.
I've tried all kind of setting in putty but without success. Did someone have any ideea?
I managed to fix it myself. There were two issues: first was a faulty ftdi232 module (even with loop test I have all characters echoed), and second an incorrect baud rate. After I changed the ftdi232 module and find the right baud rate (115200, N,1,1) everything worked fine... till I tried to load openwrt and after reboot the router remained totally dead. But for this I'll try to open a new post.