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Minibian - minimal Raspbian
I looked for some minimal operating system for Raspberry Pi. I found Minibian - it is minimal Raspbian. It is very minimal system which supports only terminal (I log in through SSH). SD card 512 MB is enough to running Minibian.
Minibian contains Kernel 3.12.28. The system needs 16 MB RAM and 314 MB disk. The system supports Raspberry Pi B and B+.
username: root
password: raspberry

http://minibianpi.wordpress.com/