I received my NanoPi R1 as Ipfire have good support for this device.
I flashed the latest image for armv5tel on the sd card and tried to boot from it.
It gets stuck on boot, logs here
I will test in some more ways.
Found out that it have 2 UART so I connected it to the internal one and not I see uboot logs which was missing on the outside UART.
uboot logs here
But it fails to boot completely unless it take some times while I am being impatient.