"colinux: BUG at /develop/build/linux-2.6.22.18/block/elevator.c:780"
With "setcobd=async elevator=cfq" as kernel parameter or with changed kernel config for IO Scheduler to CFQ this bug will happens.
One of usable scheduler for asynchronous block device is anticipatory. More have not tested. Please leave the kernel config as follow:
CONFIG_IOSCHED_AS=y
CONFIG_DEFAULT_IOSCHED="anticipatory"