For starters, how about sharing your u-boot menu item, and clearly stating on what partition on which device the rootfs resides?
There is no need for R&D mode or disabling watchdogs.

@ArchiMark
Error you get clearly states that kernel is not found, meaning it's not present in the location where you have set u-boot to look for it.

@Boemien
Kernel can't find init, like it says.

@ whoever
Again, this has been covered many times before now, in this thread and others. If u-boot is (configured, and otherwise) OK, kernel will boot, that has been proven already. If it boots but does not run, rootfs can't be found.

So, there is always the chance that there is some problem that has not been manifested before, and in such case you're very welcome to call me an ***hole and advertise this all as non-working sh*t, but if you guys cant make it work, it's most likely because the simple fact that you have not done your reading and/or don't understand what you are doing. I've already provided all information that is needed for installation, including the suggestion to read about it first, then understand what you're doing and finally performing the simple task of installation.

I don't actually enjoy going over and over the same, off-topic issue, endlessly while I'm on my very limited free time. Would you believe it?