[karmic][sc1200] kernel 2.6.31-14-generic oops on boot

Binary package hint: linux-image-2.6.31-14-generic

Kernel oops on boot into karmic generic kernel. Same thing happens on -386 kernel.
Hardware: Soekris net4801.

[ 4.668423] CR2: 0000000073627653
[ 8.038252] ---[ end trace 0a414785c1792278 ]---
[ 8.093818] Kernel panic - not syncing: Attempted to kill init!
[ 8.164924] Pid: 1, comm: swapper Tainted: G D 2.6.31-14-generic #48-Ubuntu
[ 8.256738] Call Trace:
[ 8.286233] [<c056e41c>] ? printk+0x18/0x1c
[ 8.337633] [<c056e360>] panic+0x43/0xe7
[ 8.385882] [<c0146b1f>] find_new_reaper+0x7f/0x80
[ 8.444533] [<c0147582>] forget_original_parent+0x32/0x230
[ 8.511517] [<c0147791>] exit_notify+0x11/0x180
[ 8.567057] [<c0147e6b>] do_exit+0x18b/0x2e0
[ 8.619500] [<c0144f8a>] ? print_oops_end_marker+0x2a/0x30
[ 8.686482] [<c0571730>] oops_end+0x90/0xd0
[ 8.737856] [<c0128ad4>] no_context+0xb4/0xd0
[ 8.791326] [<c0128b2d>] __bad_area_nosemaphore+0x3d/0x1a0
[ 8.858305] [<c03162c7>] ? number+0x307/0x320
[ 8.911766] [<c0317012>] ? string+0x32/0xe0
[ 8.963126] [<c0317c58>] ? vsnprintf+0xc8/0x400
[ 9.018690] [<c0128ca2>] bad_area_nosemaphore+0x12/0x20
[ 9.082552] [<c0572ea6>] do_page_fault+0x2f6/0x380
[ 9.141213] [<c0572bb0>] ? do_page_fault+0x0/0x380
[ 9.199873] [<c0570be3>] error_code+0x73/0x80
[ 9.253334] [<c048007b>] ? binder_thread_write+0x78b/0xee0
[ 9.320323] [<c03ce828>] ? ata_finalize_port_ops+0x68/0xb0
[ 9.387297] [<c03ce8d8>] ata_host_start+0x68/0x1c0
[ 9.445958] [<c0322025>] ? pci_bus_write_config_byte+0x55/0x70
[ 9.517099] [<c03dd4bb>] ata_pci_sff_activate_host+0x2b/0x220
[ 9.587205] [<c0488dfb>] ? pcibios_set_master+0x9b/0xb0
[ 9.651069] [<c03e0170>] ? ata_sff_interrupt+0x0/0xd0
[ 9.712853] [<c03ddb72>] ata_pci_sff_init_one+0xe2/0x100
[ 9.777759] [<c023a3af>] ? sysfs_addrm_start+0x3f/0xa0
[ 9.840582] [<c03f7821>] sc1200_init_one+0x21/0x30
[ 9.899252] [<c032804e>] local_pci_probe+0xe/0x10
[ 9.956857] [<c0328dd0>] pci_device_probe+0x60/0x80
[ 10.016569] [<c03a2960>] really_probe+0x50/0x140
[ 10.073202] [<c05707da>] ? _spin_lock_irqsave+0x2a/0x40
[ 10.137020] [<c03a2a69>] driver_probe_device+0x19/0x20
[ 10.199850] [<c03a2ae9>] __driver_attach+0x79/0x80
[ 10.258504] [<c03a1fb8>] bus_for_each_dev+0x48/0x70
[ 10.318208] [<c03a2829>] driver_attach+0x19/0x20
[ 10.374785] [<c03a2a70>] ? __driver_attach+0x0/0x80
[ 10.434490] [<c03a220f>] bus_add_driver+0xbf/0x2a0
[ 10.493195] [<c0328d10>] ? pci_device_remove+0x0/0x40
[ 10.554925] [<c03a2d75>] driver_register+0x65/0x120
[ 10.614636] [<c0239723>] ? sysfs_add_file+0x13/0x20
[ 10.674329] [<c03f7700>] ? rz1000_init_one+0x0/0x80
[ 10.734028] [<c0328ff0>] __pci_register_driver+0x40/0xb0
[ 10.798916] [<c07b8978>] sc1200_init+0x14/0x16
[ 10.853419] [<c010112c>] do_one_initcall+0x2c/0x190
[ 10.913196] [<c07b8964>] ? sc1200_init+0x0/0x16
[ 10.968683] [<c078e338>] do_basic_setup+0x42/0x52
[ 11.026309] [<c078e3bf>] kernel_init+0x77/0xbe
[ 11.080813] [<c078e348>] ? kernel_init+0x0/0xbe
[ 11.136349] [<c0104007>] kernel_thread_helper+0x7/0x10
[ 11.377243] Clocksource tsc unstable (delta = 6304773819 ns)