Ttylinux

ttylinux, as of September 2015, has been discontinued until a new maintainer comes forward. The home page no longer exists.

ttylinux pc-i486 is a very small Linux distribution based on a 2.6 kernel. For installation, it requires only 12 MB of disk space and 32 MB of RAM. It has no GUI, but does have a text-mode web browser and ssh server.

There are several other ttylinux variants: pc-i686, pc-x86_64, virtio-i486, virtio-i686, virtio-x86_64, and even for BeagleBone and Mac G4.
 * ttylinux archive