Trouble loading BB

I am trying to us SD card from beagleboardtoys.com

The system hangs at:

mmc0: new high speed SD card at address b368
mmcblk0: mmc0:b368 SD 1.90 GiB
mmcblk0: p1
VFS: Mounted root (vfat filesystem).
Freeing init memory: 168K
Warning: unable to open an initial console.
Kernel panic - not syncing: No init found. Try passing init= option
to kernel.

Below is output of printenv:

Hit any key to stop autoboot: 0
OMAP3 beagleboard.org # printenv
bootdelay=10
baudrate=115200
loadaddr=0x82000000
usbtty=cdc_acm
console=ttyS2,115200n8
vram=12M
dvimode=1024x768MR-16@60
defaultdisplay=dvi
mmcroot=/dev/mmcblk0p2 rw
mmcrootfstype=ext3 rootwait
nandroot=/dev/mtdblock4 rw
nandrootfstype=jffs2
mmcargs=setenv bootargs console=${console} vram=${vram}
omapfb.mode=dvi:${dvimod
e} omapfb.debug=y omapdss.def_disp=${defaultdisplay} root=${mmcroot}
rootfstype=
${mmcrootfstype}
nandargs=setenv bootargs console=${console} vram=${vram}
omapfb.mode=dvi:${dvimo
de} omapfb.debug=y omapdss.def_disp=${defaultdisplay} root=${nandroot}
rootfstyp
e=${nandrootfstype}
loadbootscript=fatload mmc 0 ${loadaddr} boot.scr
bootscript=echo Running bootscript from mmc ...; source ${loadaddr}
loaduimage=fatload mmc 0 ${loadaddr} uImage
mmcboot=echo Booting from mmc ...; run mmcargs; bootm ${loadaddr}
nandboot=echo Booting from nand ...; run nandargs; nand read $
{loadaddr} 280000
400000; bootm ${loadaddr}
dieid#=5f84000400000000040373050d00b013
bootcmd=mmc init;fatload mmc 0 80300000 uImage.bin;bootm 80300000
bootargs=console=ttyS2,115200n8 root=/dev/mmcblk0p1 rw rootwait