Use buildroot toolchain (http://buildroot.org/download.html) to build Caraboot. OpenWRT toolchain is known to generate broken binaries.
To build suitable toolchain in buildroot's menuconfig select: MIPS big endian architecture (mips32 r2 variant), and GCC version - 4.7.x (other GCC versions untested, but may work)
Change Makefile's CONFIG_TOOLCHAIN_PREFIX variable to your buildroot path, for example: