The kernel panic show up because of the partition is not booting correctly. Assigning it to the partition of your MeeGo and it will be fine.

But just reflash your device then it will fixed the problem. Boot back to Maemo5

One good piece of advise!! If you don't know what you're doing then don't do it. If you a noobie and wanting to try something a pro would then don't do i. Unless you want run into problems.