The validation images use the Arago root filesystem. This rootfs has a number of directories and files symlinked to /var/volatile, which is mounted as a ramdisk by /etc/fstab. The directories and files need to be created at boot time so there is a script called from the rcS.d directory (S37populate-volatile.sh, which is actually /etc/init.d/populate-volatile.sh) that runs the script /etc/volatile.cache. This is what creates the directories and files on the ram disk.
The rootfs is created with the files and directories that will be on the ramdisk as symlinks to them. For example, /etc/resolv.conf is a symlink to /var/run/resolv.conf. /var/run is a symlink to /var/volatile/run which does not exist in the rootfs but gets created at boot time in the ramdisk. /var/run/resolv.conf must also, therefore, be created at boot time. Both are created with the /etc/volatile.cache script.
This mechanism is pretty straight forward and can be used by BeagleBox. The only question is: does the rcS.d script get run when you set inittab's default to runlevel 5? It seems it must, but I'm not quite certain how it does yet. Maybe rcS always gets run.
Note that I found a minor bug in the Arago version: /etc/volatile.cache has two identical entries for creating /var/run/resolv.conf.
The fstab, populate-volatile.sh and volatile.cache files are attached, for reference.