Comment 4 for bug 1062699

I'd try running update-initramfs with -v on the new kernel and see what happens, something like

   update-initramfs -v -u -k 3.5.0-11 (or whatever your latest kernel version in /boot is)

and attach the debug output it produces; hopefully it'll provide some more information as to why it's getting confused.

Can you please also include your /etc/fstab and the output of cat /proc/partitions

Dave