Mine

ubuntu@ubuntu-desktop:~/openwrt/kamikaze/bin$ qemu -kernel openwrt-x86-2.6-vmlinuz -initrd openwrt-x86-2.6-ext2.image -serial stdio -nographic -append root=/dev/hda rootfstype=squashfs,jffs2 init=/etc/preinit -hda openwrt-x86-2.6-ext2.fs
(qemu) Linux version 2.6.17 (ubuntu@ubuntu-desktop) (gcc version 4.1.1) #1 Sat Nov 4 19:47:59 CET 2006
BIOS-provided physical RAM map:
 BIOS-e820: 0000000000000000 - 000000000009fc00 (usable)
 BIOS-e820: 0000000000100000 - 0000000008000000 (usable)
128MB LOWMEM available.
DMI not present or invalid.
Allocating PCI resources starting at 10000000 (gap: 08000000:f8000000)
Built 1 zonelists
Kernel command line: root=/dev/hda
Enabling fast FPU save and restore... done.
Enabling unmasked SIMD FPU exception support... done.
Initializing CPU#0
PID hash table entries: 1024 (order: 10, 4096 bytes)
scx200hr: timer not yet accessible; will probe later.
Detected 1922.518 MHz processor.
Using tsc for high-res timesource
Dentry cache hash table entries: 16384 (order: 4, 65536 bytes)
Inode-cache hash table entries: 8192 (order: 3, 32768 bytes)
Memory: 107236k/131072k available (1141k kernel code, 23332k reserved, 278k data, 108k init, 0k highmem)
Checking if this processor honours the WP bit even in supervisor mode... Ok.
Calibrating delay using timer specific routine.. 3971.58 BogoMIPS (lpj=19857949)
Mount-cache hash table entries: 512
CPU: L1 I cache: 8K
CPU: L2 cache: 128K
CPU: Intel Pentium II (Klamath) stepping 03
Checking 'hlt' instruction... OK.
SMP alternatives: switching to UP code
Freeing SMP alternatives: 0k freed
Unpacking initramfs...<0>Kernel panic - not syncing: bad gzip magic numbers