Beagleboard Xm watchdog problems

I am using the stock 2.6.32 kernel on Beagleboard xM. When I attempt to trigger the watchdog my system hangs rather than reboots. My simple test is as follows:

# cat > /dev/watchdog

The system then hangs ~60 seconds later, I would presume that it should reboot. Are there any board settings that would cause this behavior?