This is simple ARM emulator called uARM, implemented by Dmitry Grinberg. (http://dmitry.gr/index.php?r=05.Projects&proj=07.%20Linux%20on%208bit)
$ git clone https://github.com/syuu1228/uARM.git
just run make.
$ make
Or, if your system installed BSD make, you'll need to run GNU make like this:
$ gmake
You will get ./uARM as an executable binary.
$ bzcat jaunty.rel.v2.bz2 > jaunty.rel.v2
$ ./uARM jaunty.rel.v2
You will get shell prompt after 10 second.
You can terminate by using killall uARM on terminal.
I don't know how to shutdown safely.