Also, Thank you for the hard work, this made my K1 so much more responsive than factory setup. Took and average tablet and made it in to a great tablet.
Updated the first post with R2, which updates busybox and adds init.d support.
If your already using the Rom you can use either updater_120109_R2.zip or updater_120109_M_GE.zip to apply the update.
The US nvflash package has been updated to R2, but I will need someone with the M_GE version to join me in freenode irc #ideapad-k1 to help update the M_GE nvflash package.
cd into the 'files' dir and try running
sudo ./nvflash --bct flash.bct --setbct --odmdata 0x300c0011 --sbk 0x0d0a6f49 0x6c577634 0x4d634e55 0x47336d55 --configfile flash.cfg --create --bl bootloader.bin --go