Well, that's part of the problem.. the Busybox mount doesn't include verbose logging

The flag is just ignored as far as I checked (busybox svn)
So, enabled debugging on the server, and gave me following log,
[2007/08/10 16:58:06, 3] smbd/oplock.c:init_oplocks(862)
open_oplock_ipc: initializing messages.
[2007/08/10 16:58:06, 3] smbd/oplock_linux.c:linux_init_kernel_oplocks(260)
Linux kernel oplocks enabled
[2007/08/10 16:58:06, 3] smbd/process.c:process_smb(1110)
Transaction 0 of length 51
[2007/08/10 16:58:06, 3] smbd/process.c:switch_message(914)
switch message SMBnegprot (pid 3985) conn 0x0
[2007/08/10 16:58:06, 3] smbd/sec_ctx.c:set_sec_ctx(241)
setting sec ctx (0, 0) - sec_ctx_stack_ndx = 0
[2007/08/10 16:58:06, 3] smbd/negprot.c:reply_negprot(487)
Requested protocol [NT LM 0.12]
[2007/08/10 16:58:06, 3] smbd/negprot.c:reply_nt1(350)
not using SPNEGO
[2007/08/10 16:58:06, 3] smbd/negprot.c:reply_negprot(580)
Selected protocol NT LM 0.12
[2007/08/10 16:58:07, 3] smbd/process.c:timeout_processing(1359)
timeout_processing: End of file from client (client has disconnected).
[2007/08/10 16:58:07, 3] smbd/sec_ctx.c:set_sec_ctx(241)
setting sec ctx (0, 0) - sec_ctx_stack_ndx = 0
[2007/08/10 16:58:07, 3] smbd/connection.c:yield_connection(69)
Yielding connection to
[2007/08/10 16:58:07, 3] smbd/server.c:exit_server_common(675)
Server exit (normal exit)
[2007/08/10 16:59:20, 3] smbd/oplock.c:init_oplocks(862)
open_oplock_ipc: initializing messages.
[2007/08/10 16:59:20, 3] smbd/oplock_linux.c:linux_init_kernel_oplocks(260)
Linux kernel oplocks enabled
[2007/08/10 16:59:20, 3] smbd/process.c:process_smb(1110)
Transaction 0 of length 51
[2007/08/10 16:59:20, 3] smbd/process.c:switch_message(914)
switch message SMBnegprot (pid 3988) conn 0x0
[2007/08/10 16:59:20, 3] smbd/sec_ctx.c:set_sec_ctx(241)
setting sec ctx (0, 0) - sec_ctx_stack_ndx = 0
[2007/08/10 16:59:20, 3] smbd/negprot.c:reply_negprot(487)
Requested protocol [NT LM 0.12]
[2007/08/10 16:59:20, 3] smbd/negprot.c:reply_nt1(350)
not using SPNEGO
[2007/08/10 16:59:20, 3] smbd/negprot.c:reply_negprot(580)
Selected protocol NT LM 0.12
[2007/08/10 16:59:20, 3] smbd/process.c:timeout_processing(1359)
timeout_processing: End of file from client (client has disconnected).
[2007/08/10 16:59:20, 3] smbd/sec_ctx.c:set_sec_ctx(241)
setting sec ctx (0, 0) - sec_ctx_stack_ndx = 0
[2007/08/10 16:59:20, 3] smbd/connection.c:yield_connection(69)
Yielding connection to
[2007/08/10 16:59:20, 3] smbd/server.c:exit_server_common(675)
Server exit (normal exit)
The weird thing is that using the smbclient 'shell' works without any problems, I can access all smb shared files through the smbclient shell.