We believe that your issue has been closed by the upload of
Version 0.11.3 of grml2usb from Michael Prokop <mika@grml.org>.
The explanation is attached below

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Format: 1.8
Date: Thu, 22 Dec 2011 23:55:08 +0100
Source: grml2usb
Binary: grml2usb
Architecture: source amd64
Version: 0.11.3
Distribution: unstable
Urgency: low
Maintainer: Grml Team <team@grml.org>
Changed-By: Michael Prokop <mika@grml.org>
Description: 
 grml2usb   - install grml system / ISO to usb device
Changes: 
 grml2usb (0.11.3) unstable; urgency=low
 .
   [ Christian Hofstaedtler ]
   * [894eef9] Use grub splash image from ISO
   * [fdc186c] Remove hardcoded version from grml2usb
   * [bd89fc4] Cleanup grub.cfg install logic
   * [569dfb3] Add support for new kernel/initrd filenames
   * [5818eec] Fix add/remove bootoptions with new kernel/initrd names
   * [6817350] Fix typo
   * [b82aaee] Mimic /boot/%SHORT_NAME% like on the ISO
   * [100193b] Use grub config from ISO instead of writing a new one
   * [feca364] Warn that older versions can't do multi-flavour grub
   * [6b93ccd] Load loop kernel module [Closes: issue1097]
Checksums-Sha1: 
 f6b458a59f3b6718cd683493af27b4a454bb5e59 1106 grml2usb_0.11.3.dsc
 dd86acb7ef1107102e1d9b194e7f2cff77590d74 388199 grml2usb_0.11.3.tar.gz
 5ec036939ac2764b7eacbfba1ec0a7197244c35f 213722 grml2usb_0.11.3_amd64.deb
Checksums-Sha256: 
 5e6706d88c60a9989b238d82a76fa43f55bcfd88f28cc0efee46011e4b598e83 1106 grml2usb_0.11.3.dsc
 7d5e00c63688bd2cc746fef57368eb9fcfdaf513a0f10e940bfd51af0fed77d6 388199 grml2usb_0.11.3.tar.gz
 15edaf7a254ed20699b86b6ee6c4ae0c89f784537bff8e085b1ccabefd9a58e6 213722 grml2usb_0.11.3_amd64.deb
Files: 
 62eb5721b3318ee21eb2bcc418e47c69 1106 admin optional grml2usb_0.11.3.dsc
 02da6551d84ef89d5f4c8edc603085df 388199 admin optional grml2usb_0.11.3.tar.gz
 a87b767dc177bf172a777604744a29fb 213722 admin optional grml2usb_0.11.3_amd64.deb

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Executing grml2usb version 0.9.31
Using ISO grml64_2011.12-rc1.iso
mount: Could not find any loop device. Maybe this kernel does not know
       about the loop device? (If so, recompile or `modprobe loop'.)
Fatal: Error executing mount (no filesystem on the partition?)