please test this kernel, it should fix your problem:
http://people.canonical.com/~ppisati/lp981966/linux-
image-3.2.0-23-omap_3.2.0-23.36~lp981966_armel.deb
** Changed in: linux (Ubuntu)
Status: Confirmed => In Progress
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https://bugs.launchpad.net/bugs/981966
Title:
Beagleboard XM: sysfs always reports link present for eth0 at boot
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