Hi Aurelien,
I've got a similar problem. Same error message at boot time, but the reason might be different. Currently I am trying to gather more information. Maybe I can help.
First I would suggest to not touch the 2.6.8.1 kernel files, until this problem is solved. Maybe you should make a backup of it.
Next, could you please add the name of your sata driver (sata_promise) to
/etc/mkinitrd/modules
and rebuild the initrd for 2.6.8-1-k7? Something like
mkinitrd -o /boot/initrd.img-2.6.8-1-k7 2.6.8-1-k7
should do. Then run lilo if necessary, and boot the 2.6.8-1-k7 kernel. Is there still a problem with pivot_root?
Regards
Harri