Okay so this is what i got..

ubuntu@ubuntu:~$ sudo flasher -k /home/ubuntu/Downloads/zImage_2.6.32.54-ubiboot-02_301013 -l -b
flasher 3.12.1 (Oct 5 2011) Harmattan
WARNING: This tool is intended for professional use only. Using it may result
in permanently damaging your device or losing the warranty.

Suitable USB interface (bootloader/phonet) not found, waiting...
USB device found at bus 003, device address 010.
Device identifier: 357923040690689 (SN: N/A)
Found device RM-696, hardware revision 1603
NOLO version 2.3.6
Version of 'sw-release': DFL61_HARMATTAN_40.2012.21-3_PR_005
Sending kernel image (11672 kB)...
100% (11672 of 11672 kB, avg. 40389 kB/s)
Success
ubuntu@ubuntu:~$ telnet 192.168.0.15
Trying 192.168.0.15...
Connected to 192.168.0.15.
Escape character is '^]'.

/ # mount /dev/mmcblk0p2 /mnt/2
/ # ls -l /mnt/2/var/malf
ls: /mnt/2/var/malf: No such file or directory