The current ttylinux release is 9.10 for the armv5tej Integrator/CP platform and 12.6 for the armv7 utility variant for the BeagleBoard platform. The updated ChangeLog files are available:
⇒ ChangeLog-armv5tej
⇒ ChangeLog-armv7 (BeagleBoard)

A wiki page covering the ARM architecture is here.

The armv5tej Integrator/CP ttylinux variant has an 8 MB RAM disk root file system and needs at least 28 MB of RAM to run.

Major Components
» Linux 2.6.34.6
» Glibc 2.9
» Dropbear 0.52 (scp, ssh, sshd)
» Bash 4.1
» Busybox 1.18.4
» E2fsprogs 1.41.12

The armv7 BeagleBoard xM ttylinux variant has a 24 MB RAM disk root file system, libncurses libraries, udev and needs from 96 to 128 MB of RAM to run.

Major Components
» Linux 2.6.38.1
» Glibc 2.12.1
» Iptables 1.4.9.1
» Dropbear 0.52 (scp, ssh, sshd)
» Bash 4.1
» Busybox 1.18.4
» E2fsprogs 1.41.12

The armv5tej image has the ttylinux ARM kernel and initrd file system. To use qemu-system-arm with this ISO image, gunzip and mount the ISO image file. If you mounted the ISO image file at /mnt, then go to the directory above, which would be the root directory in this case. Run the qemu shell script in the top-level directory in the ISO image; this shell script doesn't know where you mounted, so that is an argument to the script.
$ mount -o loop ttylinux-armv5tej-9.10.iso /mnt
$ cd /
$ mnt/qemu-sm-armv5tej.sh mnt