Serial console problem: Id "S0" respawning too fast

[Dmitry Vinokurov <d.vinokuroff@gmail.com>]

Hello,

I want to set up board only with serial console interface (no tty0).

Kernel bootargs: console=ttyS0,115200n81 root=/dev/nfs rw 
nfsroot=192.168.0.100:/srv/nfs/armrfs ip=dhcp init=/sbin/init

Inittab has only one getty line: S0:2345:respawn:/sbin/getty 115200 ttyS0

I can see boot log, but it is really hard to login. And even if I could 
login, it's impossible to execute any commands, shell dies and login 
message appear again. Here is log of what usually happen:
------------------------------------------------
OpenEmbedded Linux phy3250 ttyS0

minimal .dev-snapshot-20100119 phy3250 ttyS0

phy3250 login: root
O
O
O
OpenEmbedded Linux phy3250 ttyS0

minimal .dev-snapshot-20100119 phy3250 ttyS0

phy3250 login: r
OpenEmbedded Linux phy3250 ttyS0

minimal .dev-snapshot-20100119 phy3250 ttyS0

phy3250 login: root
O
O
INIT: Id "S0" respawning too fast: dis
INIT: no more processes left in this r

O
O
O
O
O
O
O
O
O
INIT: Id "S0" respawning too fast: dis

O
O
O
O
O
O
O
O
O
INIT: Id "S0" respawning too fast: dis
------------------------------------------------

Tried to decrease baudrate to 38400 -- same trouble. Really don't know 
what to do with it. Maybe I miss some kernel or getty options or 
something else?

-- 
Best Regards,
Dmitry Vinokurov
<d.vinokuroff@gmail.com>