Did you boot Windows XP to the desktop? I have tested Windows 95, Windows 2000, and Windows XP. All of them fail to boot to the desktop.

Command used:
./i386-softmmu/qemu-system-i386 -boot c -hda "Windows XP Hard Drive.img" 

On Wed, May 6, 2015 at 2:44 PM, Programmingkid <programmingkidx@gmail.com> wrote:

On May 6, 2015, at 3:35 AM, Michael Tokarev wrote:

06.05.2015 08:41, Programmingkid wrote
Just wanted to note that for the i386 target, Windows XP as a guest fails to boot. When it safe mode, loading always stops at  Windows\System32\Drivers\Mup.sys. The guest boots in QEMU 2.2.0, so this seems to indicate a bug with the May 5th or earlier patch set.

Please be a bit more specific, what do you run,
with which options etc.  Current git master works
just fine with winXP guest, be it i386 or x86_64.

Really? Maybe it is because of my Mac OS 10.6 host.