It would seem it fails to provide a shell. Maybe searches for it in the new location, and it's not there? Make sure it's accessible in both places. Otherwise maybe try to mount system so it can use the shell, and then try to remount the new one from sdcard. I don't know...
Sony Ericsson MT15i Xperia Neo | Android 4.0.4
MIUIv4 v2.7.6 | Kernel - 22.214.171.124-perf shardul@suave-s #15(Suave Kernel v6)
Rooted, 256MB Swap on sdcard
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