Do you create the /etc/init.d directory and rcS file? If not, try again!
# cat rcS
syslogd -m 0 &
If the problem is still exist, you must check if the parameters you transfer to kernel are right, special to console!
I don't know which boot loader you choose, but the kernel parameter decide success or not!
Do you choose the ARM 926EJ-S DevChip?