Having a JDK checkout from http://hg.openjdk.java.net/jdk9/dev (exact versions below), this:
$ make bootcycle-images
fails with:
---
Boot cycle build step 2: Building a new JDK image using previously built image
Building OpenJDK for target 'images' in configuration 'linux-x86_64-normal-server-release'

## Starting langtools
Compiling 2 files for BUILD_TOOLS
Compiling 31 properties into resource bundles
Unrecognized VM option 'PermSize=32m'
Error: Could not create the Java Virtual Machine.
Error: A fatal exception has occurred. Program will exit.
make[2]: *** No rule to make target `all', needed by `default'. Stop.
make[1]: *** [langtools-only] Error 2
make: *** [bootcycle-images-only] Error 2
---

The versions of repositories:
---
$ for d in . *; do if [ -d $d/.hg ] ; then echo $d:; (cd $d; hg log -r `hg id -i`); fi; done
.:
changeset: 926:5d71dcd42e73
tag: tip
user: erikj
date: Thu Jan 09 12:35:20 2014 +0100
summary: 8029908: jdk 8u5 mac build produces incorrect version string 1.8.0_5

corba:
changeset: 551:79a8136b18c1
tag: tip
user: ssides
date: Mon Dec 23 18:42:26 2013 +0000
summary: 8029231: Update copyright years for files in corba repository for 2013

hotspot:
changeset: 5726:050a626a8895
tag: tip
user: iris
date: Fri Dec 13 09:35:12 2013 -0800
summary: 8030068: Update .jcheck/conf files for JDK 9

jaxp:
changeset: 549:e5256f530a9b
tag: tip
user: joehw
date: Thu Dec 12 11:36:40 2013 -0800
summary: 8029895: XMLOutputFactory.newFactory(String, ClassLoader) - incorrect specification

jaxws:
changeset: 444:9c9fabbcd3d5
tag: tip
user: iris
date: Fri Dec 13 09:35:35 2013 -0800
summary: 8030068: Update .jcheck/conf files for JDK 9

jdk:
changeset: 9057:4c32b9805702
tag: tip
user: ascarpino
date: Sat Jan 11 09:19:47 2014 -0800
summary: 8031372: JDK 9 Specification-Version in jar files is still 1.8

langtools:
changeset: 2245:7163a6b6d8ea
tag: tip
user: jlahoda
date: Fri Jan 10 19:02:54 2014 +0100
summary: 8030049: RoundEnvironment.getElementsAnnotatedWith receives wrong elements

nashorn:
changeset: 689:65347535840f
tag: tip
user: iris
date: Fri Dec 13 09:36:37 2013 -0800
summary: 8030068: Update .jcheck/conf files for JDK 9
---

The full log from the configure and build is attached.