As you know ltib comes with an old python version 2.4.
Updating the ltib spec file so it uses a newer version is the best option.  This could take some time to happen.
Meanwhile you can upgrade to a newer version 2.6 with these instructions.
Download    python2.6.6-arm-cross-build.tar.gz - Google Drive
1. The script may run successfully on host system:
  Ubuntu 10.04 LTS (I run it in a virtual machine) with following tools set installed (PATH need to be set):
- GCC cross building tool 
 -  Perl (which needed by openssl building)
 - Python on HOST (to run some tool scripts on HOST)
 
2. Decompress the attachment and enter the decompressed directory
$ tar -zxf python2.6.6-arm-cross-build.tar.gz
$ cd python2.6.6-arm-cross-build
3. Run the building script
 $ ./cross_build_python2.6.6.sh
- arm_ext and build_prefix/_install directory will be generated. Directory arm_ext contains all third party libraries needed by python extended module. build_prefix/_install contains python built results. All the extended libraries are static linked.
 -  If the script file is not excutable, a chmod command may be needed before run it:
 
 $ chmod 755 cross_build_python2.6.6.sh
4. Package the building rusults
$  python make_dist.py
- Three packages will be generated.
 - python-2.6.6-arm.tar.gz : All building rusults be packed directly.
 - python-2.6.6.min-arm.tar.gz: A 'install' package to be installed on target system. This package contains all built python libraries, some of them may be deleted if not useful by specific use case.
 - test-python-2.6.6-arm.tar.gz: The python test libraries to test python installation on target system.
 
5. Install and test on target system
- copy python-2.6.6.min-arm.tar.gz on your target system.
 - decompress the package
 
$ tar -zxf python-2.6.6.min-arm.tar.gz
- A 'usr' will be generated by decompressing, python excutable in usr/bin and python libraries in usr/lib.
 
- c. set some environment variables
 
$ export PYTHONHOME=/mnt/disk/usr
$ export PATH=$PATH:/mnt/disk/usr/bin
- then you can run comand 'python' in current shell to enter python command line. You can make the variables set on system boot in a producting system.
 
- remove installed test package:
 
$ rm -rf /mnt/disk/usr/lib/python2.6/site-packages/test
- (the test package cost so much disk space)