It's already been backported to precise:
live-boot (3.0~a24-1ubuntu1) precise; urgency=low
* Cherry picking overlayFS patch from
http://live.debian.net/gitweb?p=live-boot.git;a=commit;h=b981b862888aa4b345e6af8a1af65253378919b7
-- Stephan Adig <s...@sourcecode.de> Fri, 03 Feb 2012 14:08:28 +0100
** Changed in: live-boot (Ubuntu)
Status: New => Fix Released
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https://bugs.launchpad.net/bugs/961295
Title:
Enable overlayfs (in precise)
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