Like other 1 year old posts :)
http://e2e.ti.com/support/arm/sitara_arm/f/791/t/241931.aspx
the create-sdcard.sh is not working well
Autodetection of SDK installation path is poor and fails completely under root user.
#EXEPATH="$PWD"/"$EXE"
EXEPATH="$EXE"
I guess KISS principle applies here too:
PARSEPATH="/usr/local/ti-sdk-am335x-evm/"
But the most important problem is the prebuilt /filesystem folder is completely missing from SDK.
I downloaded separately and put in /usr/local/ti-sdk-am335x-evm/
Cheers,