What am I doing wrong with 2.6.5 kernel?

What am I doing wrong trying to boot 2.6.5 kernel going? I'm running Debian unstable…

Checking for the skas3 patch in the host...found
Checking for /proc/mm...found
Linux version 2.6.5-linode2-1um (root@host4.linode.com) (gcc version 3.2.2 20030222 (Red Hat Linux 3.2.2-5)) #1 Sat May 8 18:46:49 EDT 2004
On node 0 totalpages: 16384
  DMA zone: 16384 pages, LIFO batch:4
  Normal zone: 0 pages, LIFO batch:1
  HighMem zone: 0 pages, LIFO batch:1
Built 1 zonelists
Kernel command line: umid=shermozle mem=64M fake_ide fakehd con=null con0=fd:0,fd:1 devfs=nomount root=/dev/ubda ubda=/linodes/shermozle/7251.fs ubdb=/linodes/shermozle/7252.fs eth0=tuntap,shermozle_0,fe:fd:40:05:35:93 token_max=200000 token_refill=512
fakehd : Changing ubd name to "hd".
PID hash table entries: 16 (order 4: 128 bytes)
Memory: 59248k available
Calibrating delay loop... 2339.63 BogoMIPS
Dentry cache hash table entries: 8192 (order: 3, 32768 bytes)
Inode-cache hash table entries: 4096 (order: 2, 16384 bytes)
Mount-cache hash table entries: 512 (order: 0, 4096 bytes)
Checking for host processor cmov support...Yes
Checking for host processor xmm support...No
Checking that ptrace can change system call numbers...OK
Checking that host ptys support output SIGIO...Yes
Checking that host ptys support SIGIO on close...No, enabling workaround
Checking for /dev/anon on the host...Not available (open failed with errno 6)
POSIX conformance testing by UNIFIX
NET: Registered protocol family 16
mconsole (version 2) initialized on /linodes/shermozle/.uml/shermozle/mconsole
Netdevice 0 (fe:fd:40:05:35:93) : TUN/TAP backend -
ikconfig 0.7 with /proc/config*
VFS: Disk quotas dquot_6.5.1
devfs: 2004-01-31 Richard Gooch (rgooch@atnf.csiro.au)
devfs: boot_options: 0x0
Installing knfsd (copyright (C) 1996 okir@monad.swb.de).
SGI XFS with ACLs, security attributes, no debug enabled
SGI XFS Quota Management subsystem
Initializing Cryptographic API
RAMDISK driver initialized: 16 RAM disks of 4096K size 1024 blocksize
loop: loaded (max 8 devices)
PPP generic driver version 2.4.2
PPP Deflate Compression module registered
PPP BSD Compression module registered
SLIP: version 0.8.4-NET3.019-NEWTTY (dynamic channels, max=256) (6 bit encapsulation enabled).
CSLIP: code copyright 1989 Regents of the University of California.
SLIP linefill/keepalive option.
Universal TUN/TAP device driver 1.5 (C)1999-2002 Maxim Krasnyansky
md: linear personality registered as nr 1
md: raid0 personality registered as nr 2
md: raid1 personality registered as nr 3
md: raid5 personality registered as nr 4
raid5: measuring checksumming speed
   8regs     :  6214.400 MB/sec
   8regs_prefetch:  2176.800 MB/sec
   32regs    :  2882.400 MB/sec
   32regs_prefetch:  1381.600 MB/sec
raid5: using function: 8regs (6214.400 MB/sec)
md: multipath personality registered as nr 7
md: md driver 0.90.0 MAX_MD_DEVS=256, MD_SB_DISKS=27
device-mapper: 4.1.0-ioctl (2003-12-10) initialised: dm@uk.sistina.com
NET: Registered protocol family 2
IP: routing cache hash table of 512 buckets, 4Kbytes
TCP: Hash tables configured (established 4096 bind 8192)
IPv4 over IPv4 tunneling driver
GRE over IPv4 tunneling driver
ip_conntrack version 2.1 (463 buckets, 3704 max) - 296 bytes per conntrack
ip_tables: (C) 2000-2002 Netfilter core team
ipt_recent v0.3.1: Stephen Frost <sfrost@snowman.net>.  http://snowman.net/projects/ipt_recent/
arp_tables: (C) 2002 David S. Miller
Initializing IPsec netlink socket
NET: Registered protocol family 1
NET: Registered protocol family 10
IPv6 over IPv4 tunneling driver
ip6_tables: (C) 2000-2002 Netfilter core team
NET: Registered protocol family 17
NET: Registered protocol family 15
Bridge firewalling registered
Ebtables v2.0 registered
802.1Q VLAN Support v1.8 Ben Greear <greearb@candelatech.com>All bugs added by David S. Miller <davem@redhat.com>Initializing software serial port version 1
Using anticipatory io scheduler
 /dev/ubd/disc0: unknown partition table
 /dev/ubd/disc1: unknown partition table
Initializing stdio console driver
md: Autodetecting RAID arrays.
md: autorun ...
md: ... autorun DONE.
kjournald starting.  Commit interval 5 seconds
EXT3-fs: mounted filesystem with ordered data mode.
VFS: Mounted root (ext3 filesystem) readonly.
INIT: version 2.85 booting
INIT: Entering runlevel: 2
INIT: Id "0" respawning too fast: disabled for 5 minutes
INIT: no more processes left in this runlevel</davem@redhat.com></greearb@candelatech.com></sfrost@snowman.net>