Mr Spiv has released a new toolchain for the GP2X, heres the information:
The ARM-Linux toolchain r1 for OSX in a nice installer package. Note that the gcc in this is rather old (2.95.3) but works. The toolchain is repackaged from an excellent Sharp Zaurus devkit by DSITRI. Thanks to DSITRI!
Download Here --> http://www.gp2x.de/cgi-bin/cfiles.cgi?0,0,0,0,14,885