I have build an ext2 image for a CF card for the Routerboard 532B; but 1 - 2 minutes after boot the system panics.
I have made the build from SVN. I did the same about a year ago with the svn from Dec 16 2006, and that image
runs flawlessly, though I cannot get the wireless working on that image.

the panic I get is the following:

RouterBOOT booter 1.14

RouterBoard 532A

CPU frequency: 264 MHz
  Memory size:  64 MB

Press any key within 8 seconds to enter setup........
Booting CF
Loading kernel... done
setting up elf image... OK
jumping to kernel code
Linux version 2.6.22.4 (per@tux2) (gcc version 4.1.2) #8 Tue Nov 20 12:38:22 CET 2007
CPU revision is: 0001800a
Determined physical RAM map:
memory: 03fffa00 @ 00000400 (usable)
Wasting 32 bytes for tracking 1 unused pages
Initrd not found or empty - disabling initrd
Built 1 zonelists.  Total pages: 16256
Kernel command line: gpio=16383 console=ttyS0,115200 board=500 boot=1 kmac=00:0C:42:06:50:6D root=/dev/cfa2 rootfstype=ext2 init=/etc/preinit
korina mac = 00:0C:42:06:50:6D
Primary instruction cache 8kB, physically tagged, 4-way, linesize 16 bytes.
Primary data cache 8kB, 4-way, linesize 16 bytes.
Synthesized TLB refill handler (20 instructions).
Synthesized TLB load handler fastpath (32 instructions).
Synthesized TLB store handler fastpath (32 instructions).
Synthesized TLB modify handler fastpath (31 instructions).
Initializing IRQ's: 168 out of 256
PID hash table entries: 256 (order: 8, 1024 bytes)
calculating r4koff... 00142440(1320000)
CPU frequency 264.00 MHz
Using 132.000 MHz high precision timer.
Dentry cache hash table entries: 8192 (order: 3, 32768 bytes)
Inode-cache hash table entries: 4096 (order: 2, 16384 bytes)
Memory: 61328k/65528k available (2006k kernel code, 4144k reserved, 313k data, 120k init, 0k highmem)
Mount-cache hash table entries: 512
NET: Registered protocol family 16
PCI: Initializing PCI
registering PCI controller with io_map_base unset
Time: MIPS clocksource has been installed.
NET: Registered protocol family 2
IP route cache hash table entries: 1024 (order: 0, 4096 bytes)
TCP established hash table entries: 2048 (order: 2, 16384 bytes)
TCP bind hash table entries: 2048 (order: 1, 8192 bytes)
TCP: Hash tables configured (established 2048 bind 2048)
TCP reno registered
squashfs: version 3.0 (2006/03/15) Phillip Lougher
JFFS2 version 2.2. (NAND) (SUMMARY)  © 2001-2006 Red Hat, Inc.
yaffs Nov 15 2007 13:04:46 Installing.
io scheduler noop registered
io scheduler deadline registered (default)
Serial: 8250/16550 driver $Revision: 1.90 $ 2 ports, IRQ sharing disabled
serial8250: ttyS0 at MMIO 0x0 (irq = 104) is a 16550A
cf-mips module loaded
cf-mips: resetting..
cf-mips: identify drive..
cf-mips: CF card detected, C/H/S=1986/16/63 sectors=2001888 (977MB) Serial=1025121G03Q67425
cf-mips: detecting block size
cf-mips: multiple sectors = 4
init done<6> cfa: cfa1 cfa2
Using NAPI with weight 64
eth0: Rx IRQ 40, Tx IRQ 41, 00:0c:42:06:50:6d
via-rhine.c:v1.10-LK1.4.3 2007-03-06 Written by Donald Becker
PCI: Enabling device 0000:00:02.0 (0080 -> 0083)
io_map_base of root PCI bus 0000:00 unset.  Trying to continue but you better
fix this issue or report it to linux-mips@linux-mips.org or your vendor.
eth1: VIA Rhine III at 0xb8800000, 00:0c:42:06:50:6e, IRQ 142.
eth1: MII PHY found at address 1, status 0x7869 advertising 05e1 Link 45e1.
PCI: Enabling device 0000:00:03.0 (0080 -> 0083)
eth2: VIA Rhine III at 0xb8800100, 00:0c:42:06:50:6f, IRQ 143.
eth2: MII PHY found at address 1, status 0x7869 advertising 05e1 Link 45e1.
block2mtd: version $Revision: 1.30 $
NAND device: Manufacturer ID: 0xad, Chip ID: 0xf1 (Hynix NAND 128MiB 3,3V 8-bit)
Scanning device for bad blocks
Bad eraseblock 359 at 0x02ce0000
Bad eraseblock 964 at 0x07880000
Creating 2 MTD partitions on "NAND 128MiB 3,3V 8-bit":
0x00000000-0x00400000 : "Routerboard NAND boot"
0x00400000-0x08000000 : "rootfs"
mtd: partition "rootfs" set to be root filesystem
split_squasfs: no squashfs found in "NAND 128MiB 3,3V 8-bit"
nf_conntrack version 0.5.0 (511 buckets, 4088 max)
ip_tables: (C) 2000-2006 Netfilter Core Team
TCP vegas registered
NET: Registered protocol family 1
NET: Registered protocol family 17
802.1Q VLAN Support v1.8 Ben Greear <greearb@candelatech.com>
All bugs added by David S. Miller <davem@redhat.com>
VFS: Mounted root (ext2 filesystem) readonly.
Freeing unused kernel memory: 120k freed
Warning: unable to open an initial console.
Algorithmics/MIPS FPU Emulator v1.5
- preinit -
- init -

Please press Enter to activate this console. eth1: link up, 100Mbps, full-duplex, lpa 0x45E1
eth2: link up, 100Mbps, full-duplex, lpa 0x45E1
ieee80211: 802.11 data/management/control stack, git-1.1.13
ieee80211: Copyright (C) 2004-2005 Intel Corporation <jketreno@linux.intel.com>
PPP generic driver version 2.4.2
arp_tables: (C) 2002 David S. Miller
IPP2P v0.8.1_rc1 loading
IMQ starting with 2 devices...
IMQ driver loaded successfully.
        Hooking IMQ before NAT on PREROUTING.
        Hooking IMQ after NAT on POSTROUTING.
ipt_time loading
nf_nat_amanda: Unknown symbol nf_nat_amanda_hook
nf_conntrack_rtsp v0.6.21 loading
nf_nat_rtsp v0.6.21 loading
ip_queue: failed to register queue handler
wlan: 0.8.4.2 (svn r2834)
ath_hal: module license 'Proprietary' taints kernel.
ath_hal: 0.9.30.13 (AR5210, AR5211, AR5212, AR5416, RF5111, RF5112, RF2413, RF5413, RF2133, REGOPS_FUNC)
ath_rate_minstrel: Minstrel automatic rate control algorithm 1.2 (svn r2834)
ath_rate_minstrel: look around rate set to 10%
ath_rate_minstrel: EWMA rolloff level set to 75%
ath_rate_minstrel: max segment size in the mrr set to 6000 us
wlan: mac acl policy registered
ath_pci: 0.9.4.5 (svn r2834)
PCI: Enabling device 0000:00:04.0 (0000 -> 0002)
ath_pci: switching rfkill capability off
ath_pci: switching per-packet transmit power control off
wifi0: 11a rates: 6Mbps 9Mbps 12Mbps 18Mbps 24Mbps 36Mbps 48Mbps 54Mbps
wifi0: 11b rates: 1Mbps 2Mbps 5.5Mbps 11Mbps
wifi0: 11g rates: 1Mbps 2Mbps 5.5Mbps 11Mbps 6Mbps 9Mbps 12Mbps 18Mbps 24Mbps 36Mbps 48Mbps 54Mbps
wifi0: turboA rates: 6Mbps 9Mbps 12Mbps 18Mbps 24Mbps 36Mbps 48Mbps 54Mbps
wifi0: turboG rates: 6Mbps 12Mbps 18Mbps 24Mbps 36Mbps 48Mbps 54Mbps
wifi0: H/W encryption support: WEP AES AES_CCM TKIP
wifi0: mac 10.5 phy 6.1 radio 6.3
wifi0: Use hw queue 1 for WME_AC_BE traffic
wifi0: Use hw queue 0 for WME_AC_BK traffic
wifi0: Use hw queue 2 for WME_AC_VI traffic
wifi0: Use hw queue 3 for WME_AC_VO traffic
wifi0: Use hw queue 8 for CAB traffic
wifi0: Use hw queue 9 for beacons
wifi0: Atheros 5212: mem=0x50000000, irq=142
CPU 0 Unable to handle kernel paging request at virtual address 00000000, epc == c0146520, ra == c014920c
Oops[#1]:
Cpu 0
$ 0   : 00000000 00000073 00000000 00000000
$ 4   : 00000052 83c4203c 000001e8 80333b9c
$ 8   : 00000004 80333c42 ffffffff 0000000a
$12   : 00000000 80333b04 ffffffff 00000000
$16   : 00000010 80333be0 83c4203c c01469a0
$20   : 83c42224 83c4203c 811f6cb0 80333b9c
$24   : 00000000 80300034
$28   : 80332000 80333b30 00000078 c014920c
Hi    : 00000046
Lo    : 003ed77a
epc   : c0146520     Tainted: P
ra    : c014920c Status: 1000e803    KERNEL EXL IE
Cause : 90800008
BadVA : 00000000
PrId  : 0001800a
Modules linked in: ath_pci wlan_xauth wlan_wep wlan_tkip wlan_ccmp wlan_acl ath_rate_minstrel ath_hal(P) wlan_scan_sta wlan_scan_ap wlan nf_nat_snmp_basic nf_nat_sip nf_conntrack_sip nf_nat_rtsp nf_conntrack_rtsp nf_nat_pptp nf_conntrack_pptp nf_nat_h323 nf_conntrack_h323 nf_nat_proto_gre nf_conntrack_proto_gre nf_nat_tftp nf_conntrack_tftp nf_nat_irc nf_conntrack_irc nf_nat_ftp nf_conntrack_ftp ipt_REDIRECT ipt_NETMAP ipt_SET ipt_set ip_set_portmap ip_set_nethash ip_set_macipmap ip_set_iptreemap ip_set_iptree ip_set_ipporthash ip_set_ipmap ip_set_iphash ip_set xt_esp ipt_ah ipt_iprange ipt_TOS ipt_TTL xt_MARK ipt_ECN xt_CLASSIFY ipt_ttl ipt_tos ipt_time xt_tcpmss xt_statistic xt_mark xt_mac xt_length ipt_ecn xt_DSCP xt_dscp imq ipt_IMQ xt_string ipt_layer7 ipt_ipp2p xt_NOTRACK xt_CONNMARK ipt_recent xt_helper xt_conntrack xt_connmark xt_connbytes arptable_filter arpt_mangle arp_tables ppp_async ppp_generic slhc crc_ccitt ieee80211softmac ieee80211_crypt_ccmp ieee80211_crypt_tkip ieee80211_crypt_wep ieee80211 ieee80211_crypt sha1 michael_mic md5 hmac arc4 aes deflate ecb cbc blkcipher crypto_hash cryptomgr crypto_algapi
Process swapper (pid: 0, threadinfo=80332000, task=80334188)
Stack : 2401a8c0 00000000 00000000 00000000 0002c413 72193657 00000000 80333c3e
        00000010 80333be0 80333cac 00000002 811f6cb0 80333db8 811f6d18 000001ec
        c014920c 00000000 0000000b 80333c32 8020fe68 80333c1c 80333b98 00000000
        811f6ce8 000001ec 8020fe98 00000000 00000010 80333c32 8020fe68 80333c1c
        c0150000 c0150000 c01498c8 00000004 00000000 83f97000 00000400 00000030
        ...
Call Trace:[<c014920c>][<8020fe68>][<8020fe98>][<8020fe68>][<c0150000>][<c0150000>][<c01498c8>][<8029f5bc>][<c01466f0>][<802de60c>][<802dddc8>][<8029f5bc>][<80285cc4>][<80285cc4>][<8029f5bc>][<8029f5bc>][<80286004>][<8029f5bc>][<802a14d0>][<8029bcc0>][<8029f5bc>][<8029bfec>][<8029bcc0>][<80299ef8>][<80139654>][<8026ad08>][<80299010>][<8011b42c>][<80247de8>][<8011cd48>][<8026a8ac>][<80127ce0>][<80127dbc>][<801026e0>][<801021f4>][<8035f050>][<80243d58>][<801047c8>][<801021f8>][<8020a1a8>][<80346ccc>][<80346cb0>][<80346274>]

Code: 8e620010  02402821  90a40000 <10400006> 90610000  2442ffff  14240004  24a50001  1480fff9
Kernel panic - not syncing: Fatal exception in interrupt