My first try was with default settings, the second with:
puppy acpi=off
and logging level 7
The system crashed with the following message:
performing 'switch_root' to the layered filesystem...Kernel panic - not syncing: Attempted to kill init.
Pid: 1, comm: switch_root Not tainted 2.6.33.2 #1
Call trace:
[<c12992347>]? panic+0x38/0xdd
[<c1028313>]? do_exit+0x5a/0x573
[<c12888ce>]? complete_and_exit+0x0/0x16
[<129b425>]? syscall_call+0x7/0x6