I don’t know if anyone else has tried to use the arm-usb-ocd serial port on a linux 2.6.x kernel using the ftdi_sio.o driver but it will not work since the Olimex id is not in the ftdi_sio product/vendor list. The ftdi_sio.o must be recompiled with the following changes:
ftdi_sio.h
/* put the following before the Commands area */
#define OLIMEX_ARM_USB_OCD_VID 0x15BA
#define OLIMEX_ARM_USB_OCD_PID 0x0003
ftdi_sio.c
/* put the following after the last VID/PID entry in the struct usb_device_id id_table_combined */
{ USB_DEVICE(OLIMEX_ARM_USB_OCD_VID,OLIMEX_ARM_USB_OCD_PID) },
after saving the changes, recompile the module and it should allow the OLIMEX ARM_USB_OCD device.