http://www.pokylinux.org/

Poky is an open source platform build tool. It is a complete software development environment for the creation of Linux devices. It enables you to design, develop, build, debug, and test a complete, modern, software stack using Linux, the X Window System and GNOME Mobile based application frameworks for both x86 and ARM based platforms.
Key features include:

• Full, fast, cross device filesystem creation with Linux Kernel 2.6.x, GCC, GNU C library, Busybox, networking and much more.
• Highly configurable and extendable with full documentation, granular feature control, packaging, and wide machine coverage.
• Developer friendly with QEMU device virtulisation, SDK generation, Anjuta IDE, OProfile and GDB integration.
• Complete GNOME Mobile platform with the X Window System, Matchbox, GTK+ 2.12, D-Bus, GStreamer and 'Sato' reference implementation.
• Support for bleeding edge OpenGL user interfaces with the Clutter toolkit.
• A supported, stable and proven base for real world products built on Linux and open source software.

Poky is supported by Intel and is open source and royalty free, with a growing community of developers and users.