Here is the log.

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NOTE: Resolving any missing task queue dependencies
ERROR: Nothing PROVIDES 'binutils'
ERROR: binutils was skipped: incompatible with license GPLv3
ERROR: binutils was skipped: incompatible with license GPLv3
NOTE: Runtime target 'kernel-base' is unbuildable, removing...
Missing or unbuildable dependency chain was: ['kernel-base', 'binutils']
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This error is not fatal and finishes the build without building the kernel. 

I think that the problem comes from a new commit:

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Author: Joshua Lock <josh@linux.intel.com>  2012-01-04 03:31:19
Committer: Richard Purdie <richard.purdie@linuxfoundation.org>  2012-01-04 13:56:41
Parent: 0ff1d667dc23b0cc903c18f1b5e032c2b6630aae (distro: Add poky-tiny distro definition)
Child:  00f0d4ad649313e1a9ad2413d942cea78aa56348 (cogl: ensure we can build on armv4)
Branches: master, remotes/origin/master
Follows: 1.1_M4.rc3
Precedes: 

    linux-tools: add binutils to perf DEPENDS
    
    We have witnessed non-deterministic failures of perf for some platforms
    whilst looking for bfd.h, a header provided by binutils.
    
    (From OE-Core rev: ab56f27d96cbd2c79ca16d12333687ca9720934c)
    
    Signed-off-by: Joshua Lock <josh@linux.intel.com>
    Signed-off-by: Richard Purdie <richard.purdie@linuxfoundation.org>

------------------ meta/recipes-kernel/linux/linux-tools.inc ------------------
index 950f197..aa45dba 100644
@@ -22,7 +22,7 @@ addtask install_perf after do_install before do_package
 do_compile_perf[umask] = 022
 do_install_perf[umask] = 022
 
-PERFDEPENDS = "virtual/${MLPREFIX}libc:do_populate_sysroot ${MLPREFIX}elfutils:do_populate_sysroot"
+PERFDEPENDS = "virtual/${MLPREFIX}libc:do_populate_sysroot ${MLPREFIX}elfutils:do_populate_sysroot ${MLPREFIX}binutils:do_populate_sysroot"
 PERFDEPENDS_libc-uclibc = ""
 PERFRDEPENDS = "python perl elfutils"
 PERFRDEPENDS_libc-uclibc = ""
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