You're using the ADI-2012R2-RC2 tools to build your vmImage, but I'm using the ADI-2013R1-RC1 tools. Do you think that makes a difference?
Also, it looks like you compiled for BF609, not BF516, so I cannot run your vmImage. Do you have a BF518 or BF516 board that you can test and run?
Thanks!
p.s. I believe you should focus on boards like the TLL6527M (BF527), Bluetechnix CM-BF527, Bluetechnix TCM BF527, or maybe the Bluetechnix CM BF537U/E. The reason I say this is that my board has GPIO pins to extend the address range of the Flash, and thus depends on the gpio-addr-flash driver. I assume that if you can get single-range Flash to mount as root, that still might not explain why I can't get the GPIO-addressed Flash to mount. More drivers are involved in accessing the parallel Flash this way. My Flash has 16 banks, and the file system I want to mount uses 9 of those banks. On that note, maybe using a BF518 board is not close enough, since they use the physmap-flash driver, and that might be different enough to explain why mine doesn't work.