Can you show your complete dmesg? I'd like to see the kernel commandline.
After compilation I install using below instructions (mikrotik is the router and eniac is the desktop):
Put resulting for example in ~/Downloads/mikrotik/:
openwrt-ar71xx-mikrotik-vmlinux-initramfs-lzma.elf
openwrt-ar71xx-mikrotik-nand-large-squashfs-sysupgrade.bin
Connect mikrotik to spare eth1 device, configure
eniac# ifconfig eth1 10.0.0.1 up
Then run dnsmasq
eniac# dnsmasq -i eth1 --dhcp-range=10.0.0.10,10.0.0.20 --dhcp-boot=openwrt-ar71xx-mikrotik-vmlinux-initramfs-lzma.elf --enable-tftp --tftp-root=/home/rsnel/Downloads/mikrotik/ -d -u rsnel -p0 -K --log-dhcp --bootp-dynamic
Connect this port to port1 of mikrotik and instruct mikrotik to boot from
ethernet (either via RS232 or hold reset button before powerup until beep)
connect to 192.168.1.1 (default IP of mikrotik) with ssh and download
sysupgrade.bin
eniac# nc -l -p 9999 < openwrt-ar71xx-mikrotik-nand-large-squashfs-sysupgrade.bin
mikrotik# nc 192.168.1.2 9999 > sysupgrade.bin
mikrotik# sysupgrade sysupgrade.bin