kernel panic while mounting initrd.gz

[Krzys Majewski <majewski@cs.ubc.ca>]

I'm using syslinux-1.50 to roll my own boot/root floppy. So far, I know how
to put a kernel  on one floppy, rdev it to /dev/fd0,  and mount a root
fs located on a second floppy. What I would like to do is mount the root fs
from a file system image file on the first floppy. I tried to do this,
passing the "initrd=initrd.gz" option to the boot loader, and here's
what happened:

----------------------------------------------------------------------
RAMDISK: Compressed image found at block 0
VFS: Mounted root (Minix filesystem)
[MS-DOS FS Rel.  12, FAT 0, check=n, conv=b,  uid=0, gid=0, umask=022,
bmap]
[me=0x0, cs=0, #f=0, fs=0, fl=0, ds=0, de=0, data=0, se=0, ts=0, ls=0,
rc=0, fc=4294967295]
Transaction block size 512
[MS-DOS FS Rel.  12, FAT 0, check=n, conv=b,  uid=0, gid=0, umask=022,
bmap]
[me=0x0, cs=0, #f=0, fs=0, fl=0, ds=0, de=0, data=0, se=0, ts=0, ls=0,
rc=0, fc=4294967295]
Transaction block size 512
Kernel panic: VFS: Unable to mount root fs on 01:01
----------------------------------------------------------------------

Notice  that  the  part   starting  with  "[MS-DOS"  and  ending  with
"Transaction block size 512" appears twice in a row! 
What's going on?
-chris