I'm getting this very strange error after mount_root

BusyBox v1.23.2 (2015-07-25 15:09:46 CEST) built-in shell (ash)

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 |   -   ||  _  |  -__|     ||  |  |  ||   _||   _|
 |_______||   __|_____|__|__||________||__|  |____|
          |__| W I R E L E S S   F R E E D O M
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 CHAOS CALMER (15.05, r46767)
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  * 1 1/2 oz Gin            Shake with a glassful
  * 1/4 oz Triple Sec       of broken ice and pour
  * 3/4 oz Lime Juice       unstrained into a goblet.
  * 1 1/2 oz Orange Juice
  * 1 tsp. Grenadine Syrup
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================= FAILSAFE MODE active ================
special commands:
* firstboot          reset settings to factory defaults
* mount_root     mount root-partition with config files

after mount_root:
* passwd                         change root's password
* /etc/config               directory with config files

for more help see:
http://wiki.openwrt.org/doc/howto/generic.failsafe
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root@(none):/# mount_root
root@(none):/# ls
/bin/ash: ls: not found
root@(none):/# cd /
root@(none):/# ls
/bin/ash: ls: not found
root@(none):/#

http://i.imgur.com/UqPHStD.png