It seems that this bug is not directly related to Alpine. After some tests with -vserver and -grsec kernels it looks like grsec does not affect it as well.
Under 2.6.35.x family kernels iscsiadm successfully connects to a Target. But kernel number 2.6.38.x it makes kernel “Oops” regardless -grsec or -vserver versions.

This bug has been reported to open-iscsi mailing list, so it could monitored here: http://groups.google.com/group/open-iscsi/browse\_thread/thread/156e938d21f01275\#

(from redmine: issue id 645, created on 2011-05-12, closed on 2013-05-21)