Hi Zhe,
I have few suggestions.
1. It seems you are working with very old kernel, shall try with latest PSP released. Please find the download link below.
2. I read in one of thread that, turning off CONFIG_SWAP may solve this issue. (Re-build and try with new uImage)
3. You shall download the arago file system from below link.
http://processors.wiki.ti.com/index.php/Booting_Linux_kernel_using_U-Boot#Setting_up
To create your own filesystem follow the below link.
http://processors.wiki.ti.com/index.php/EZSDK_Filesystems#Building_your_own_filesystem
3. Please ensure to halt/shutdown the target board instead of hard reset. This may avoid damage/corruption of SD card.
4. Please try with other available SD cards.
Thanks.