I have a similar (maybe the same issue). But I have an additional one, because I am using a SD card. 2 Things to care about:
1. Use a powerful enough charger and just plug it in, it might boot cycle automatically, but at some point it will boot correctly... For me the charger of my Motorola Defy (850mA) with the original Nook charging cable works.
2. Leave the SD card removed while booting (I just "click" on it, so it is removed but still "connected" to the case), otherwise I also just get never-ending boot cycles for some reason - but maybe this SD card is "partially bootable" for some reason (though I never used it as a bootable SD card...)