The first error I noticed was Code: mount: mounting /dev/mmcblk0p1 on /mnt/base failed: No such file or directory It seems as though the kernel didn't find the right partition.
mount: mounting /dev/mmcblk0p1 on /mnt/base failed: No such file or directory
OK, mmc issue sorted out by adding CONFIG_DMADEVICES=y CONFIG_DMA_OMAP=y
watchdog watchdog0: watchdog did not stop!