creaing new 3.0.4 kernel in squeeze --kernel panic

["poenikatu@operamail.com" <poenikatu@operamail.com>]

I downloaded the source for kernel version 3.0.4 from www.kernel.org.
I then booted to the
Deiban squeeze partition and as superuser, unpacked the kernel source
in one of my own
directories.

I ran make targets to get what config commands were available. I
installed qt4-dev files from
the Debian squeeze DVD and did make xconfig which gave me a
configuration screen for
the new kernel source.

I then ploughed through all the options, removing modules where I was
sure I did not have
the relevant hardware. I eventually did make-kpkg clean, then  make-
kpkg debian and then
make-kpkg --targets, chose
binary and issued
            make-kpkg binary
The kernel was compiled and after much activity, make-kpkg returned me
to the command
line. In the directory above the top of the source tree were a number
of Debian packages
which included linux-image-3.0.4_3.0.4-10.00.Custom_i386.deb which I
installed using
dpkg. grub was run which found the Linux kernels as well as Ubuntu
11.10.

I closed down squeeze, rebooted and chose the new 3.0.4 kernel. It
displayed an
error message (kernel panic) to the effect that it could not load the
root fs.

What have I done wrong?

I remember not choosing the option for an initramfs. What would be put
in it if I had
chosen that option?