@Luis
I went ahead and did that with the 11.05 package. It now works great thanks!
@Riccardo,
Do exactly as Luis suggested. Download the 11.05 source package.
Then update the LTIB (or start from 11.05)
Then run ./ltib --selectype "Just to make sure your getting the imx5 series' select which ever release, I did the minimum.
hit exit then ok
On the next screen just make sure you select configure kernel.
exit, then ok
Next screen pops up and your configuring your kernel.
Select device drivers
then usb support make sure that has a *
Then go to usb serial
make sure the generic is * and then your ftdi_sio module is *.