Comment out the following lines:
init.rc:11, 308-310 (ANDROID_BOOTLOGO, playlogo)

In GT-I7500_OpenSource.zip:
arch/arm/kernel/setup.c:736 (bootloader kernel command line)
kernel/sched.c:4357-4358 (A bit rude, I know. It's neccessary because of this error. If you have a cleaner idea, please let me know!)

.config:
CONFIG_CMDLINE="mem=109M diag=arm9 fbcon=rotate:1 fbcon=font:VGA8x8"
# CONFIG_FB_MSM_LOGO is not set
# CONFIG_FB_MSM_SEC_BOOTLOGO is not set
CONFIG_FRAMEBUFFER_CONSOLE_ROTATION=y
CONFIG_FONTS=y
CONFIG_FONT_8x8=y
# CONFIG_FONT_8x16 is not set
# CONFIG_PRINTK_TIME is not set
For Tux: 
CONFIG_LOGO=y
CONFIG_LOGO_LINUX_CLUT224=y

Sven Killig 2009