Well thanks a lot for your suggestion of going for the new tool chain. The 20060615 tool chain along with the suggestion in the link that you sent me did the trick. But now I face a different problem. I did get a neat build and the u-boot.bin file. I flashed the same onto the EVB. But i can't get a u-boot prompt on Minicom. Its just blank and nothing else. I opened the Srec file and compared it with the Srec file I got for MCF5272 with u-boot1.1.2 and seemed pretty ok.
Is there something specific that I have to do something to get it on the console ? Are there any other modifications that i need to do other than make M5271EVB_config and make ???
Unfortunately I've never tried u-boot on the M5271EVB. I only added support for the R5200 (a board we did for a customer). According to the Changelog file for u-boot, Marian Balakowicz m8@semihalf.com did the M5271EVB port. That information really should be in the MAINTAINERS file, but it doesn't seem to be.
I guess I'd say start with making sure there aren't any jumpers or switches on the M5271EVB that can change chip selects or anything like that. Another possibility would be that something broke. You could try checking out commit 78b123cd69d485887f33ebd33ba1f9b27f8e6916, where M5271EVB support was first entered in.
Failing that you'll probably have to start tracing execution, trying to find out where it is failing.