Failed to execute /init

Can someone provide help with porting android to the beagle board. I
am stuck with the following error message:
Failed to execute /init. Attempting defaults...
Kernel panic - not syncing: No init found. Try passing init= option to
kernel.

But I am passing the init=/init in my boot arguments.

I don't have my SD card with me but this is what I copied to
partition2 (ext2) of my SD card.

it@opensuse-vm:/media/disk/Android_RFS> ls -l
total 156
drwxrwxrwx 2 root root 4096 2009-05-04 19:53 data
-rw-r--r-- 1 root root 93 2009-05-04 22:29 default.prop
drwxrwxrwx 2 root root 4096 2009-05-24 10:10 dev
-rwxrwxrwx 1 root root 106580 2009-05-04 20:46 init
-rwxrwxrwx 1 root root 1754 2009-05-03 15:41 init.goldfish.rc
-rwxrwxrwx 1 root root 8686 2009-05-03 15:41 init.rc
drwxrwxrwx 2 root root 4096 2009-05-04 19:53 proc
drwxrwxrwx 2 root root 4096 2009-05-04 22:29 sbin
drwxrwxrwx 2 root root 4096 2009-05-04 19:53 sys
drwxrwxrwx 12 root root 4096 2009-05-24 10:01 system

--- File type of init process --------------------------
it@opensuse-vm:/media/disk/Android_RFS> file init
init: ELF 32-bit LSB executable, ARM, version 1 (SYSV), statically
linked, stripped
it@opensuse-vm:/media/disk/Android_RFS>