It's better to use ScratchBox for compiling native code
[sbox-ARMEL: ~] > mkdir cross
[sbox-ARMEL: ~] > cd cross
[sbox-ARMEL: ~] > tar xzf ../mono-x.xx.tar.gz
[sbox-ARMEL: ~] > cd arm-mono-x.xx
[sbox-ARMEL: ~] > ./configure --disable-mcs-build
[sbox-ARMEL: ~] > make
[sbox-ARMEL: ~] > make install DESTDIR=`pwd`/tmptree
on the other side open a new terminal and build managed code.
$ mkdir host-mono
$ cd host-mono
$ tar xzf ../mono-1.xx.tar.gz
$ cd mono-1.xx
$ ./configure
$ make
$ make install DESTDIR=`pwd`/tmptree