Hello Pavel,
Install SDK 1.7 and Service Pack for this SDK:
http://www.freescale.com/webapp/sps/site/prod_summary.jsp?code=LS1021A&fpsp=1&tab=Design_Tools_Tab
See the .config file. This file contains tumb configuration parameters.
As mentioned in the original post, SDK 1.7 with Service Pack 1.5 IS what we are using when we encounter the problem. Issuing
bitbake -c cleansstate virtual/kernel
followed by
bitbake -c menuconfig virtual/kernel
generates the default .config but this does not appear to be the .config that was used when building the Access Point demo from the thumb drive.
If we boot from SD with a known good rootfs, the uImage.bin from the build process on SDK 1.7 SP 1.5 with the default .config you recommend, and the DTB from the same process, our kernel will panic after a several minutes.
If we use the same RCW, U-Boot, and rootfs from the above scenario but use the Access Point demo's uImage.bin and the Access Point demo's DTB, we do not encounter the same problem.