Both logs show that even after mounting overlayfs with tmpfs backing the rootfs is read-only:
[ 25.370319] cloud-init[2118]: OSError: [Errno 30] Read-only file system: '/var/lib/cloud'
Can you try older kernel/initrd pairs?
Both logs show that even after mounting overlayfs with tmpfs backing the rootfs is read-only:
[ 25.370319] cloud-init[2118]: OSError: [Errno 30] Read-only file system: '/var/lib/cloud'
Can you try older kernel/initrd pairs?