The current ttylinux release is 0.2 for the mipsel WRTU54G-TM platform and 9.10 for the mipsel Malta CoreLV platform. The updated ChangeLog files are available:
⇒ ChangeLog-mipsel (WRTU54G-TM)
⇒ ChangeLog-mipsel (Malta CoreLV)

A wiki page covering the MIPS architecture is here.

The mipsel WRTU54G-TM ttylinux variant has a 4 MB RAM disk root file system and needs at least 24 MB of RAM to run; it fits within the WRTU54G-TM hardware which has 64 MB of RAM.

Major Components
» Linux 2.6.36.4
» uClibc 0.9.31
» Iptables 1.4.9.1
» Dropbear 0.52 (scp, ssh, sshd)
» Bash 4.1
» Busybox 1.18.4
» E2fsprogs 1.41.12
» Retawq 0.2.6c

The mipsel Malta CoreLV ttylinux variant has an 8 MB RAM disk root file system and needs at least 24 MB of RAM to run.

Major Components
» Linux 2.6.36.4
» Glibc 2.9
» Iptables 1.4.9.1
» Dropbear 0.52 (scp, ssh, sshd)
» Bash 4.1
» Busybox 1.18.4
» E2fsprogs 1.41.12
» Retawq 0.2.6c

The Malta CoreLV image has the ttylinux MIPS kernel and initrd file system. To use qemu-system-mipsel with this ISO image, gunzip and mount the ISO image file. If you mounted the ISO image file at /mnt, then go to the directory above, which would be the root directory in this case. Run the qemu shell script in the top-level directory in the ISO image; this shell script doesn't know where you mounted, so that is an argument to the script.
$ mount -o loop ttylinux-mipsel-9.10.iso /mnt
$ cd /
$ mnt/qemu-sm-mipsel.sh mnt